Some of the biggest names in pro sports ― a group including Cincinnati Bengals quarterback Joe Burrow, Boston Celtics forward Blake Griffin and Toronto Blue Jays pitcher Kevin Gausman — are spending $5 million or more buying U.S. farms, with their first purchase coming in Iowa.
The coalition of about two dozen players bought the 104-acre north Iowa farm and plan to acquire more, according to Patricof Co., a specialized private New York investment firm facilitating the deal. The company declined to say how much the Iowa farm cost.
Front Office Sports said the sports stars are looking for a diverse set of agricultural assets that could include watermelon farms in Oregon as well as other farms in Iowa. Patricof said the $5 million investment is the “first capital call in what will be a pool of capital to acquire multiple farms.”
Other pro athletes in the farmland-buying group include New York Islander left wing Anders Lee, the Dallas Mavericks’ Kemba Walker and Milwaukee Bucs’ Khris Middleton, Arizona Cardinals tight end Zach Ertz, and Bengals defensive end Sam Hubbard.
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Iowa farmland was hot last year, with several new price records established, driven by high prices for corn and soybeans. Iowa State University reported last month that the average value of the state’s farmland climbed 17% last year over 2021 to $11,400 an acre, based on an annual survey.
Iowa is the nation’s largest producer of corn and second-largest grower of soybeans.
At least one of the players in the land-buying group has an Iowa tie: Burrow, who was born in Ames and lived there till age 4 while his father was a coach at Iowa State University.
Joe Burrow, sports stars to spend millions on farms, starting in Iowa – Des Moines Register
