On Jan. 7, a 154-acre farm in rural Indianola, Iowa, changed hands for the first time in over 50 years, selling at auction for $1.54 million, or $10,000 an acre. The property checked many familiar boxes—tillable acres, pasture, and a classic Iowa farmstead. But what makes this auction different from most others is what will happen to the house that sits on the land once the new owner takes possession.
The Seller
For 57 years, Gwen Hodson has called this place home. She raised horses and cattle and farmed the land with her late husband, Donald, who passed away in 2002. Now 93 years old, Hodson knew it was time to sell the property, but she wanted to remain in the home overlooking the land for as long as possible.
“It’s peaceful here, almost like going to heaven. It’s beautiful” she said.
The solution was straightforward for her broker, Jason Smith of DreamDirt. He marketed the property with one stipulation for buyers: Gwen would be allowed to remain in the home, rent-free, for the rest of her life — or as long as she was able…