The Rietveld family sold 1,477.5 acres of farmland for $22.46 million at a two‑state auction in early September 2026. The sale, conducted by Geswein Farm and Land, split the event over two days and two states to keep each regional market focused.
Geswein’s strategy, explained by Johnny Klemme, was to avoid buyer fatigue by hosting separate Illinois and Indiana sessions. The firm believed that giving each state its own spotlight would intensify competition without overwhelming participants.
A total of 197 Illinois bids and 539 Indiana bids pushed the portfolio’s average price to $15,200 per acre, with Illinois parcels ranging from $8,600 to $16,100 and Indiana parcels hitting a record $32,600 per acre on a 39.9‑acre tract.
Eighty‑two registered bidders from Florida, Illinois, Indiana, Iowa, Maryland, North Carolina and Washington entered the auction, yet no institutional investors bought any tracts. Instead, a regional land‑investment group took the Illinois side, while the remaining purchases went to local farmers and landowners eager to expand.
Philip Rietveld built the trust’s holdings over decades, selecting fields with paved road frontage, proximity to towns and high‑productivity soils. His tenants, many of whom had long leases, maintained the lands, making the portfolio attractive as a cohesive, ready‑to‑farm package.
The sale surpassed statewide average prices in both states, underscoring the growing premium on finite farmland in transition zones. Ownership will be transferred to the winning buyers by the end of September, potentially altering the agricultural landscape of the Midwest.