Farmland auction nets over $4 million

More than 25 bidders participated in a farmland auction sale Sept. 18 that netted a little more than $4 million.

C.D. “Butch” Booker of Kincaid Real Estate in Colfax was auctioneer for the auction sale which was at the Palouse Empire Fair’s Community Building.

Booker confirmed the land, which was offered in nine different parcels, was all sold to one bidder. He declined to name the bidder until the sale papers closed.

The Ragon estate land totaled approximately 1,450 acres of Whitman County farmland at two locations, on Imler and Ragon roads south of Steptoe Butte Road. Average per acre price figured out to be $2,800 per acre for the cropland with the buildings.

The nine parcels offered varied in size from 80 to 300 acres. Advertising for the sale reported the farmland is currently served by two separate farm leases. One lease for CRP land will expire in 2016. The lease serving land in production is an annual cash lease at $44,470, also expiring in 2016.

The offering included three homes on the land.

“You always hope for more,” Booker said. “It’s the reason for using the competitive bid method.”

“The auction method allows the market place to speak and allows buyers of all sizes, where bigger and smaller farmers can bid,” he said. “Auctions are buyer and seller friendly. It’s a tried and true method of marketing.”

Booker said over the years, he’s auctioneered at land sales in Lincoln, Spokane, Adams, Columbia and Whitman counties.