|Grundy County, Iowa (Wikipedia map)|
The land was sold at auction for a living trust, and Skinner said he did the usual promotion, but "never before has Iowa Land Co. received so much interest in a farm," Spiegel reports. “We were blown away,” Skinner told him. “We had interest from Connecticut to California, and bidders from a dozen states.” Thirty bidders registered, and three or four local farmers bid until the price reached $20,000 per acre. "Thereafter another three to four non-farmers resumed bidding until the gavel dropped at $22,600," Spiegel reports. "A farmer-investor from the Cedar Rapids area won the bid, using a 1031 exchange, a tax device that delays recognition of capital gains through exchanges of certain types of property. "He plans to rent the farm to a local farmer, Skinner says."