A land auction is under way in California that is expected to sell the state’s vast lands at a staggering price.
“Grim” land auction starts Wednesday in California’s Central Valley with more than 10,000 properties in the pipeline.
The land, which is controlled by California’s Department of Forestry and Fire Protection, is expected in the $2 billion range.
Many of the state land is in the state where President Donald Trump won the presidency, and many are expected to go for far less than the $5 million-plus sale price.
California’s first-ever land sale has attracted the attention of some conservatives who believe that the land should be sold off to the public.
“If the government wants to sell it off, then let them do so,” said Steve Cramer, a conservative activist and former Republican congressional candidate from New Mexico.
Cramer said he supports the auction, saying it would help to restore some of California’s “great scenic beauty.”
California is one of the most expensive states for farmland.
The median value for an acre of farmland is about $1.3 million, according to a report by the National Association of Realtors.
“It’s an area that’s been undervalued in recent years, and it has been for a long time,” said Mike Follmer, an economist at the conservative Heritage Foundation.
“If we are able to restore it, we could make some serious cash.”
The sale of the land is expected make California the second-most expensive state for farmland in terms of the median value of land, behind Wyoming, according the National Institute for Standards and Technology.
Bureau of Land Management spokeswoman Kelly Anderson said the agency expects to see about $2.4 billion in sales proceeds.