Newton farm sells for $4.5M

Newton farm sells for $4.5M

LAKEVILLE -- About 525 acres of agricultural land in Lakeville sold for $4.5 million at auction Wednesday.

The auction of state-of-the-art farm equipment, including a 2010 tractor and a 2010 combine, added $690,000. The total for the day was more than $5.2 million, according to a news release.

The property, located about seven miles south of South Bend, was left behind by Robert Newton, the co-founder of Hoosier Racing Tire who died in 2012. Schrader Real Estate and Auction Co. managed the sale for his family. It took place in the building immediately behind the Hoosier Racing Tire corporate headquarters in Lakeville.

"We had an excellent auction with a great crowd and participation from both investors and farmers," Gene Klingaman, executive vice president of the auction company, said in the news release. "Most importantly, the (Newton) family is very happy with the outcome. These assets didn't fit into the plans of the family, and I'm glad to see that we were able to get them a good result."

The land was auctioned in eight tracts ranging in size from 8.5 acres to 148.4 acres. There were three separate bidders who purchased portions of the land, said Carl Carter, a spokesperson for the auction company. One bidder purchased 39 acres, another purchased 133 acres and a third purchased 353 acres. Carter said the majority of the land was purchased by investors from both in and out of the state.

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