A group of 25 professional athletes, including Cincinnati Bengals quarterback Joe Burrow, have purchased a 104-acre farm in northern Iowa for $5 million. The farm is used to grow corn and soybeans, and the athletes plan to lease the land to farmers. They expect to earn a single-digit-percentage annual return on their investment.
The athletes are being facilitated by Patricof Co., a private investment firm that specializes in deals with athletes. Patricof Co. has been involved in several other agricultural investments with athletes, including a 1,000-acre farm in Florida that is leased to citrus growers.
The purchase of the Iowa farm is the latest example of athletes investing in agricultural land. In recent years, there has been a growing trend of athletes investing in farmland, as they see it as a way to diversify their portfolios and generate passive income.
The purchase of the Iowa farm by Joe Burrow and other athletes is a sign that this trend is likely to continue. As athletes continue to earn more money, they are looking for new ways to invest their wealth. And as the demand for agricultural land increases, the value of farmland is likely to continue to rise.
Photo Credit: pexels-karolina-grabowska
Categories: Iowa, Business, Crops, Corn, Soybeans