Bill Gates Approved to Buy Acres of Farmland in North Dakota After Deal Was Put On Pause
Bill Gates’ purchase of 2,100 acres of North Dakota farmland has been approved. According to Farms.com, Gates’ Red River Trust company purchased 2,100 acres of farmland for $13.5 million. Before the approval of the…
Bill Gates’ purchase of 2,100 acres of North Dakota farmland has been approved.
According to Farms.com, Gates’ Red River Trust company purchased 2,100 acres of farmland for $13.5 million.
Before the approval of the purchase, North Dakota’s attorney general stepped in.
Last month, Attorney General Drew Wrigley sent a letter to the Red River Trust demanding an explanation on how Gates intends to use the land.
The letter explains, under North Dakota law, “All corporations or limited liability companies (LLC) are prohibited from owning or leasing farmland or ranchland, and from engaging in farming or ranching.”
The letter continues, “In addition, the law places certain limitations on the ability of trusts to own farmland or ranchland.”
Read the letter below:
https://twitter.com/Doctorfromliny/status/1539553552875634688
Farms.com reported that Wrigley looked into the matter and found that “the sale and purchase complied with the law, because Gates will be leasing the land back to farmers.”
The outlet noted Gates is the largest private owner of farmland in the U.S. with 270,000 acres across dozens of states.