Philip Rietveld assembled nearly 1,500 acres of Illinois and Indiana farmland over his lifetime; after his death in 2026, his family sold 23 tracts for $22.46 million, with one fetching $32,600 an acre

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 auction

The 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. This approach was designed to give each local market its own moment while keeping the entire portfolio in view as one major regional land event.Johnny Klemme of Geswein said the strategy aimed to reduce buyer fatigue and keep attention focused on the land, according to Agriculture.com. By separating the Illinois and Indiana portions, the company hoped to encourage competitive bidding in each state without overwhelming participants. Klemme described the event as one of the largest in the firm’s history and said the results exceeded even their most optimistic expectations, as per the report.

The numbers behind the sale

In total, 1,477.5 acres sold for $22,458,078, producing a combined average of $15,200 per acre across the portfolio. The Illinois side included 15 tracts covering 856.84 acres, which generated 197 bids and brought $9,479,881, or about $11,064 per acre. Prices on those parcels ranged from $8,600 to $16,100 per acre, reflecting differences in location, size, and soil productivity.The Indiana portion was smaller in acreage but far more intense in bidding activity. Eight tracts totaling 620.72 acres attracted 539 bids and sold for $12,978,197, or roughly $20,908 per acre.Individual Indiana prices ranged from $16,600 to the headline $32,600 per acre. Klemme noted, as per the report, that every Indiana tract sold at the high end of what the team had anticipated, with the top result standing out even in a strong market.

Who bought the land

The auction drew 82 registered bidders from Florida, Illinois, Indiana, Iowa, Maryland, North Carolina, and Washington. Despite the national interest, no institutional investors purchased any of the tracts. One regional land investment group acquired property on the Illinois side, while the remaining buyers were largely local or regional farmers and landowners looking to expand their operations or secure long-term assets, as per the report. In the end, 13 buyers purchased the 15 Illinois tracts, and just two buyers acquired all eight Indiana tracts. Klemme said these were mostly regional participants who understood the local landscape and were willing to bid aggressively, the report suggested. Their knowledge of nearby development, rezoning potential, and farm performance likely influenced how they valued each parcel.

The man behind the portfolio

The land was held in the Philip Rietveld Trust. According to Klemme, Rietveld assembled the holdings over his lifetime before passing away earlier in 2026. Though he did not farm the ground himself, he was intentional about where he bought and had a clear sense of what made a high-quality farm. His tenants maintained the properties well, many of them renting the same fields for years, according to the report by Agriculture.com.The farms shared several attractive features, including paved road frontage, locations near towns, and similar soil profiles and productivity indexes. That consistency made the portfolio easier to market as a cohesive set of assets while still allowing each tract to be evaluated on its own merits. For buyers, the combination of location, maintenance and soil quality made for an attractive package.

Why prices were so high

According to the report by Agriculture.com, Klemme said fundamentals such as strong locations, well-maintained fields and productive soils were key reasons for the sale’s performance. He also cited less tangible factors, such as local knowledge about future development or nearby land-use changes that may not be as obvious to outsiders. In transitional areas, farmland values are not always based on traditional agricultural economics alone. Buyers often view farmland through multiple lenses, including farm expansion, income generation, inflation protection, long-term wealth preservation, development potential and legacy ownership. Unlike many other assets, farmland is finite, which adds to its appeal for families seeking to build or preserve wealth across generations. Klemme noted that each sale represents the closing of one family’s chapter and the start of another’s.

How the sale compares to statewide averages

The Rietveld farms sold above statewide averages in both Illinois and Indiana. According to the National Agricultural Statistics Service, Illinois farm real estate averaged $9,250 per acre in 2026, up 3.6 percent from the previous year and marking the sixth consecutive year of at least a 2.4 percent annual increase. The Illinois tracts in this auction, with prices from $8,600 to $16,100 per acre, sat at or above that benchmark depending on location and quality. In Indiana, Purdue University’s Farmland Values and Cash Rent Survey showed more mixed results in 2026. Top-quality farmland averaged $14,909 per acre, up slightly from 2025, while average-quality and poor-quality land saw modest declines. The Indiana tracts in the Rietveld sale, ranging from $16,600 to $32,600 per acre, traded well above those statewide figures, reflecting their proximity to Chicago, strong soils, and competitive local demand.

A legacy that changes hands

For the Rietveld family, the auction marked the end of a long chapter in which Philip Rietveld carefully built a geographically balanced portfolio of Midwestern farmland. For the buyers, it represented an opportunity to acquire well-located, productive ground in a market where supply is limited and demand remains firm. The sale underscores how farmland continues to function as both a working asset and a store of value for families and investors alike.