Land Sale of the Week: "No Sale" in Central Illinois

January 22, 2016 12:12 PM
 

Mike Walsten

We usually highlight a successful sale, but this high-profile auction in central Illinois caught our attention. The auction occurred Wednesday evening and featured 1,448 acres located in McLean and DeWitt Counties. The ground was virtually all tillable with 728 acres just south of Gridley, 320 acres southwest of Chenoa and 400 acres southwest of Le Roy. It was offered in 14 tracts.

More than 350 people were in attendance with more than 140 registered as bidders. The bidding ended at a total of $15.85 million for an average of about $10,946 per acre. However, the seller did not accept any of the bids and the ground is still listed for sale.

"No sale" auctions occur from time to time and we usually do not comment on them. But this one was unusual because the marketing ahead of the auction was extensive. There was an ample number of bidders in the room. And the final average price of $10,946 pushed the top end of the price range at recent sales in the area. For instance, a Tuesday auction in DeWitt County saw all tillable, highly productive ground sell for $10,000 to $10,500 an acre.

If interested in seeing a copy of LandOwner, just drop me an email at landowner@profarmer.com or call 800-772-0023.

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Comments

 
Spell Check

Sam Siddell
Carlyle, IL
1/28/2016 02:30 PM
 

  Let's see. new crop corn at $3.53 and beans at 8.36. your differently a decimal point off an making that pencil out.

 
 
jack
Mitchell, SD
1/22/2016 03:06 PM
 

  At least three fools. The seller for NOT selling was the biggest, but then you had at least two bidders that pushed it that high. At the end, I "Bet" the last of bidders went home and said, "thank God they didnt accept my bid!!"

 
 
BCN
husker, NE
1/22/2016 03:44 PM
 

  Great comments jack and JD. A lot of truth and entertainment in both of them. Land purchase is scary if your payment plan is dependent upon a long term return on the property you're buying. Land is still a great investment in my opinion but knowing you limits as a buyer and limiting your expectations as a seller are paramount. Go Corn

 
 

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