Family sells 1,500-acre farmland portfolio for $22.46m after owner’s death
A 1,500-acre farmland portfolio in Illinois and Indiana was sold for $22.46 million following the death of owner Philip Rietveld. The sale was conducted through a strategic two-day, two-state auction to maximize competitive bidding.
Why it matters
The high per-acre prices reflect the continued economic value and investment demand for productive agricultural land in the U.S. Midwest.
Over a lifetime of careful acquisitions, Philip Rietveld built a portfolio of nearly 1,500 acres of productive farmland across Illinois and Indiana. After his death in 2026, his family moved to sell the holdings through a two-day, two-state auction that drew bidders from seven states. The 23 tracts changed hands for a combined $22.46 million, with one 39.9-acre Indiana parcel commanding a striking $32,600 per acre, according to reporting on the sale by Agriculture.com. Read on to know more about it here:A strategic two-state auctionThe sale was handled by Geswein Farm and Land, a brokerage with nearly five decades of experience in agricultural real estate. Rather than listing all the parcels in a single marathon event, the firm split the auction across two days and two states in the first week of September.
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