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Illinois farmland sells for $11,000 per acre

The bull market in Midwestern farmland showed no signs of abating last week, as bidders paid over 11-thousand dollars per acre for tillable land in Mason County, Illinois.

The auction was conducted in Mason City, Illinois by Murray Wise Associates.  A spokesman says four tracts making up 364 acres of the most productive land sold for 4.01 million dollars—or more than 11,016 dollars per acre.   

Murray Wise, chairman of the company, says that while the values were higher than expected, they are justified by total returns on farmland.  He says the spirited competition for the land reflects not only demand by investors, but also a desire by local farmers seeking to add to their holdings.

The company spokesman says the land was purchased by three bidders, but did not specify whether they were farmers or outside investors.