Auction Will Toss a Glut of Land Onto Open Market

The 3,379 acres of Boone County farmland will be offered in 48 different tracts. The auction is Nov. 19.

Published on: Nov 2, 2011

Even though prime farmland has been averaging north of $10,000 an acre, it's been tough to find large tracts of contiguous acreage.

However, there's an upcoming auction that could attract the attention of investors and farmers alike. On Nov. 19, Schrader Real Estate and Auction will sell 3,379 acres of Boone County farmland. The land will be sold in 48 different tracts.

"It's possible that we will have some large investors in here seeking to purchase substantial amounts of the land on Nov. 19, but local farmers and investors seeking even 100 acres or less will have an equal chance to buy the land they want," says R.D. Schrader, president of Schrader Real Estate & Auction Company. Since the land will be sold in 48 tracts, the auction will use a format that puts all bidders on a level playing field, Schrader adds.

In fact, local bidders seeking only parts of the land tend to be among the strongest bidders, and almost two-thirds of the land will be offered in tracts of less than 100 acres.

"There's naturally a lot of speculation, but that's all that it is. Nobody can predict who will buy the land, the price for which it will sell, or even how many buyers we'll have," he says.

Bidders will gather at the Community Building Complex in Belvidere at 10 a.m. for the auction, which could take a couple of hours or more. The land -- owned by K-B Farms, Inc., and Funderburg Farms, Inc., is located near Belvidere. It includes approximately 2,900 tillable acres.

Rob Funderburg, president of K-B Farms, Inc., and Funderburg Farms, Inc., says the owners are selling the land to adjust their land portfolio. "This is a fraction of our Boone County land, and our commitment to the area is as strong as ever," he adds.

Individuals seeking additional information may call 800-451-2709 or visit Schrader Real Estate and Auction Company is based in Columbia City, Ind.