Elkhart County farm sells for $2.95 million at auction

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By: Associated Press

NEW PARIS, Ind. (AP) — An auction house says a 209-acre farm in northern Indiana has sold for $2.95 million, or more than $14,000 per acre.

Columbia City-based Schrader Real Estate and Auction Co. says the farm sold Tuesday near the Elkhart County community of New Paris included 205 tillable acres and storage for 70,000 bushels.

The company says about 25 bidders from Indiana, Illinois, Colorado and Michigan participated, with a northern Indiana farmer emerging as the winner.

Company president R.D. Schrader says, “There’s still a good market for quality land in the Midwest.”

A recent Purdue Land Value and Cash Rent Survey shows prices for the state’s top-quality farmland declined by 5 percent to about $9,300 per acre over the past year, but the average acre sold Tuesday was more than 1½ times that.