Farm auctions in Indiana and Ohio demonstrate versatility of Schrader auctions

COLUMBIA CITY, Ind. — Two major farmland auctions recently attracted capacity crowds, with bidders coming from as far away as Florida and Tennessee.

Schrader Real Estate and Auction Company marketed both farms and conducted the live auctions.

An Indiana farm of 1,694 acres near Vincennes sold as an entirety for $13.54 million. Two days later, an auction of 831 acres in Tipp City, Ohio, sold to four buyers for a total of $8.04 million.

“Each farm is unique, so the challenge is to identify the market for each and adapt our programs to reach that market. We feel that one of our strengths is our versatility that consistently gets good results on different types of properties,” said R.D. Schrader, president of the auction company.

“The Indiana farm included 1,427 acres of FSA cropland, as well as some wooded areas that were excellent for hunting.”

Drew Lamle, co-manager of the auction, said the land as a whole met the needs of the buyer as part of a 1031 exchange.

“We offered the land in 15 tracts, and there was considerable interest, with 39 bidders from five states. The large amount of contiguous land was a key factor in the auction. The most important thing is that we had a satisfied seller and buyer,” he said.

The auction in Ohio on Oct. 27 attracted 37 registered bidders from four states.

“We had good bidding on the six tracts, and ultimately, the farm sold to four bidders — two farmers, a 1031 exchange buyer and a hunter seeking recreational property,” said Andy Walther, co-manager of the auction.