GARDEN CITY, KS--(Marketwire - Mar 4, 2013) - Approximately 1,711 acres of farmland near Garden City in western Kansas sold for a total of $5,189,000 Tuesday in an auction that attracted a capacity crowd of farmers and investors.
"Despite the inclement weather that had just been through the area, we had a great turnout, including a combination of local and outside investors, as well as local operators," said R.D. Schrader, president of Schrader Real Estate and Auction Company, which conducted the auction in cooperation with the Lund Company.
"It was interesting to see that this property sold to a true cross section of prospective buyers. We sold some of the land to a local farmer, some to an investor from the East Coast, and some to a local investor. This reflects that demand for farmland continues to be strong across the board," said Schrader.
The property -- located approximately 16 miles from Garden City in Finney County -- included 10 irrigated circles with more than 1,200 acres under pivots. Also sold were three homes as well as out buildings and grain storage facilities.
The total sale price included $400,000 for mineral rights. The property has four producing gas wells and two producing oil wells.
Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of farm and ranch land throughout the United States. Individuals seeking additional information about the firm and its auctions may visit www.schraderauction.com or call 800-451-2709.