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.
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