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THE GREAT MIGRATION

Expect an increasing number of investors to use land to bolster lagging portfolios, a trend that has maintained its momentum despite the turbulent economic climate. Perhaps I should rephrase that — a trend that may, in fact, have picked up because of troubling economic reports.

According to the Department of Agriculture’s 2022 Land Values Summary, which came out in August, the average value of cropland nationwide reached $5,050 per acre this year, a 14.3 percent increase over 2021. No wonder International Farming is on track to raise £200 million via a public offering on the London Stock Exchange.

ERIC O'KEEFE

[email protected]

@TheEricOKeefe

Farmland

Ste. Michelle Wine Estates has acquired Oregon-based A to Z Wineworks. The terms of the deal have not been disclosed. A to Z cofounder Deb Hatcher is optimistic about the acquisition because Ste. Michelle has experience in the Pacific Northwest and with regional promotion on the global stage.

The US-based Sustainable Farmland Trust seeks to raise £200 million through a public offering on the London Stock Exchange. Considered the first farmland trust to list on the London market, the company hopes to appeal to investors seeking a low-volatility type of asset. Sixty percent of the funds raised will be used to seed a portfolio of assets.

Iowa Attorney General Tom Miller found Land Acquisitions, CRT Acres, and Westward Landholdings in violation of the Consumer Fraud Act. An investigation involved complaints of harmful business practices that included unsolicited land purchase agreements that Miller determined provided “no benefit to the consumer while putting Iowa farm owners at risk of substantial and unavoidable harm.” 

Ranchland

The 2,892-acre Kansas North Greenwood Ranch has sold for $6,362,695. Cleared of its long-abandoned oil field equipment and many trees, the open landscape of the property contains excellent water sources.

Timberland

AcreTrader has expanded its investment platform to include timberland. The land investment company’s expansion is one of the new offerings the Fayetteville-based company has implemented to meet increased demand from investors seeking ways to hedge inflation concerns. Timberland offers investors growth through the maturation of managed forests and predictable appreciation for land values. 

US Fish and Wildlife Service’s classification of 324,679 acres as critical habitat for the black pine snake included more than 93,000 acres of private land. Some of the impacted landowners have banded together to sue the FWS, asking the court to set aside the habitat designation. The case awaits a decision.

Sporting Properties

The Idaho Department of Lands auctioned 10 state-owned Priest Lake lots for $2.6 million. Sales of seven of the lots involved competitive bidding with prices exceeding appraised values by 134 percent and the top parcel selling for $9.8 million. Proceeds will be invested into purchasing more land or into a permanent endowment fund. 

Sedona Vineyards LLC purchased the Beaver Creek golf resort, located 20 miles south of Sedona in Lake Montezuma, Arizona. Once a legendary getaway for the Hollywood elite during the Golden Age, the property has been vacant since 2010. The sale included a former 18-hole golf course, 108 acres of agricultural land with water rights, and a three-acre commercially zoned parcel.

Estates

The 411-acre historic Virginia Clifton Farm sold at auction for $7.48 million on Sept. 14 to an undisclosed buyer. Operation facilities include four barns, three silos, and a 15-bay machine shed. Clifton Farm has close ties to the family of George Washington and served as a strategic location during the Civil War. 

Oracle cofounder Larry Ellison has listed his Palm Beach oceanfront trophy property for $145 million, an 80 percent premium over what he paid for it in 2021. With 564 linear feet of ocean frontage, the lot spans more than 6.5 acres. It totals 8.5 acres, including dunes and beach. 

Resources

Florida Governor Ron DeSantis approved more than $56 million to purchase seven parcels of nearly 20,000 acres for conservation efforts. The project aims to provide protection to threatened species and connectivity for recreational and wildlife corridors and will support the preservation of Florida’s natural landscapes for future generations.

Peoples Company has a new energy management division. Developed as a way to help clients maximize and diversify revenue streams, Peoples Company hopes to address both mature industries like oil and gas as well as newer assets like wind, solar, and carbon.

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