An auction May 13 in eastern Colorado of 2,984 acres proved interesting in terms of how the auction developed. The farm featured 1,932 acres of dryland cropland, 55 drip-irrigated acres, 830 acres in CRP and 111 acres of pasture and a 10-acre farmstead. Fifty percent of the mineral rights were reserved by the sellers for 10 years.
The bidding was active, states auctioneer Marc Reck, Reck Agri Realty & Auction, Sterling, Colo., who handled the sale. There were 74 in attendance and another 34 viewing the auction on line. There were 26 registered bidders. The bidding went 12 rounds between the parcels, combos and the single unit. The single unit buyer purchased the entire unit by upping his bid $10,000 above the combined bids of the parcel and combo buyers.
In terms of valuation, based on the top bids for various parcel and combos, 326 acres of dryland cropland reached $1,535 an acre, 487 acres of dryland cropland reached $1,540 an acre and 1,297 acres of dryland cropland reached a value of $1,326 an acre. The CRP parcels ranged from $984 to $1,083 an acre.
Total selling price was $3,840,000 or about $1,287 an acre. The buyer was a local farmer. Interestingly, the single unit buyer then allowed a neighbor of his who had been bidding on a quarter section next to his property to buy that property at his last high bid. In addition, the father's children, who are actively farming with their dad, are buying several of the parcels as well.
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