By Andi Anderson
In a big event on March 20, a 229.95-acre farm in Grundy County, Iowa, changed hands, marking the end of a long family tradition. The farm, owned by the same family for many years, fetched nearly $4 million at auction, drawing a lot of interest from buyers and onlookers.
Located on some of the best farmland in the state, with over 40% of its land having perfect ratings for growing corn, this century-old farm is important in Iowa's history. The farm was divided into three parts, each with good ratings for growing crops like corn and soybeans.
The auction, run both in-person and online by Dream Dirt Auctioneers, saw competitive bidding for each part. Eventually, one bidder bought all three parts for a total of $3,910,954.
Reflecting on the sale, Jason Smith of Dream Dirt Auctioneers said that while the auction met expectations, it showed a change from the high land values of previous years. According to Iowa State University Extension economist Rabail Chandio, various factors like lower farm incomes and high-interest rates have pushed land values down.
The history of the Coates/Porter Farm goes back over 150 years, with George Columbus Coates starting the farm in 1873. Despite many offers over the years, the family kept hold of the farm, honoring its farming history. James Arthur Porter IV, a descendant of Coates, emphasized the importance of preserving the farm's history, praising the Kock family's care of the land.
As the farm changes hands, with a fourth generation getting ready to live on the farm, the auction marks the end of one era and the start of a new one for this famous Iowa farm.
Photo Credit: istock-alenamozhjer
Categories: Iowa, Crops