At €6.4m, Kansas farm sale makes the international headlines

ONE of the biggest international farm sales of recent times was recently snapped up in Kansas, USA for the equivalent of €6.4 million, at current exchange rates.

An out-of-state bidder secured 5,892 acres for $8.9 million (€6.4m), or $1,511 (€1,086.44) per acre.

There was intense competition between large and small bidders, resulting in a total sale price of $9.56 million at the auction of 6,684 acres in Gray and Finney counties.

Most of the land has been used in recent years for growing corn and dairy grade alfalfa. The sale also included three homes and several buildings.

Farming in the US has come within closer range for European bidders after a recent slump in dollar exchange rates.

An acre of best US farmland sells generally around €4,000, but can reach a €4,300 average in Illinois, at the heart of the corn belt.

Many Irish farmers have invested in Argentina – where the price of prime farmland now matches the US market, having risen 10% this year to average about €4,000.