Some times you have kids that are many generations removed from the farm and not living close by, so they really don't know the value. I remember a case around 1974 where a guy had been renting pasture from a family that had moved to California in early 30's. The guy was paying the same rent that his dad had been paying, which was a buck or two an acre. Well another neighbor figured out first neighbor isn't paying fair rent, so he contacts the kids in California whose grandparents originally had the land and says land in ND is worth $10 an acre and that's what I'll give you. So they sold it. Land was probably worth $60 an acre at the time. |