Farmland near Falls City, Nebraska is causing quite a commotion.
The opening bid on the property started at $1,000 per acre. It quickly skyrocketed from there. Nine bidders took it past its assessed value of $4,185 dollars an acre and past the southeastern region’s average of $6,070 dollars an acre.
There is nothing special about this land, according to the auctioneer. “It’s close to Falls City. It’s on a hard-surface road. But other than that, it’s fairly unremarkable. A lot of people call me and joke and say there must be gold buried out there,” Jason Smith stated, according to JournalStar.
The online auction went from nine bidders to two when the price reached $17,000 per acre. The high bid was eventually reached— $27,400 dollars per acre.
This could be a state record. However, data cannot be found to prove it.
The previous high for Nebraska farmland was almost $18,000 an acre.
According to Farm Bureau economist, Jay Rempe, “Oftentimes, farmers have a once-in-a-lifetime opportunity to purchase a nearby piece of ground that would work nicely into their operation and they pay up to not miss the opportunity to purchase the ground.”
That is just one possible reason for the high price.
The winners acquired it for their future generations and as a way to keep the operation running in the family.
Story via Peter Salter with Journal Star