One of Montana's largest contiguous wheat farms is going on the auction block May 5. Angela Farms in Rosebud County, Mont., includes 20,251 acres of tillable land, including 5,168 acres of CRP. A total of 24,514 acres in 10 tracts will be auctioned by Westchester Auctions of Champaign, Ill.
The land currently is owned by three out-of-state investors who have decided to sell for personal reasons—not due to the market, according to Westchester. The land's current yearly income from cash rent and CRP payments is $580,000, making it an outstanding investment, according to Westchester's Scott Shuman.
The auction has drawn a lot of investor interest and some local farmer interest so far, reports Murray Wise, Westchester's founder. "I'm seeing as much or more demand for high-quality land, yet I believe there was less land sold in 2009 on a percentage basis than anytime in my 34-year career. Farmers dominate the current market, as they frequently are the only ones who will pay the prices being demanded.”
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