While it took mere minutes for two brothers to purchase a 70-acre tract of prime farmland in Chariton County, it took a greater amount of money--to the tune of $1.1 million.
The buyers, brothers Mike and David Brand, joked about how much they paid for the land, but expressed relief to have finally gotten the farm bought.
A crowd of more than 70, made up of local farmers, investors and curious souls, gathered for the rare offering of what many in the area consider to be one of the state's most productive farmland bottom ground. The 70-acre parcel located in southern Chariton County, just off the Missouri River was owned by the Monning family.
Auction brought a lot of hype
Iman Auction Company of Salisbury, Mo., conducted the auction. Having sold some of the highest priced farm ground in Missouri over the last two years, Ben Iman, the company's owner and auctioneer, was well aware that this farm might eclipse the previous high of $14,500 per acre that had been accomplished just a year earlier, not far from the Monnig farm.
"This auction was preceded with a lot of hype," Iman said. "Everyone knew that it would bring top dollar, but I don't think that everyone was expecting a record price."
Bidding on the 70-acre tract opened at $500,000, with the next bid jumping to $750,000. Within a matter of minutes the bid was over $1,000,000. After a brief recess, bidding was reopened and finally climaxed at $1,100,000, or $15,714 per acre.
Iman later commented, "If there is any doubt that land values are holding strong, this auction most definitely dispels them."
Iman Auction Company was established in 1947, by Cleve Iman, and operates to this day from the town of Salisbury, Missouri, selling farmland throughout the state.
Source: Iman Auction Company