Putnam farmland auction results in $7 million sale

An auction of 714 acres of Putnam County cropland owned by M & O Farms attracted a capacity crowd of approximately 250 people Wednesday as a local farmer outlasted other bidders for the cropland.

The sale, which drew 59 registered bidders, was managed by Schrader Real Estate and Auction Co. of Columbia City.

"The land went for a total of $7,012,500, with the 676 acres of cropland making up most of the total, selling for $6.885 million, or $10,184 per acre," R.D. Schrader, president of the auction company, reported in a press release.

The 38 acres of recreational land sold for $127,500 to a different buyer.

The land was offered in eight tracts, with bidders making offers on various combinations before ultimately selling to the two successful buyers.

The buyers' names were not disclosed in keeping with the auction company's policy.

Most of the acreage is located in northwestern Putnam County, along U.S. 36 between County Road 600 West and CR 775 West, approximately 9.5 miles northwest of Greencastle and 14 miles east of Rockville.

"We had very good interest in the cropland from local farmers and investors alike because it had good soils and approximately 500 contiguous acres," Schrader said. "It's also not every day that you see this much productive Putnam County farmland selling in a single auction.

"I believe the family, which had owned the property since the 1830s, was pleased to see it go to a local operator," he added.

Schrader noted that the sale also reflects continued strength in the market for midwestern cropland.

"Farmers and farmland investors are still thinking long term. When they see an opportunity to buy productive land, they're acting on it, because cropland still provides an excellent long-term investment," he said.

Schrader Real Estate and Auction Co. is one of the nation's largest auctioneers of farmland.