North Dakota OKs Bill Gate’s Farmland Purchase

World's fourth richest man buys North Dakota farmland
World's fourth richest man buys North Dakota farmland
(Farm Journal)

According to The Epoch Times, North Dakota Attorney General Drew Wrigley cleared the purchase of 2,100 acres of farmland on June 29. Red River Trust, a Texas-based organization controlled by Gates, bought the farmland located near the borders of Minnesota and Canada in November for $13.5 million.

Word of the purchase brought questions of its legality due to a Depression-era law meant to protect family farms. That law prohibits corporations or limited liability companies from owning farmland or ranchland but allow individual trusts to own the land if the ground is leased to North Dakota farmers.

The state’s top prosecutor investigated and found the purchase is incompliance with the law as the trust lists the Microsoft founder as the sole beneficiary of the trust. In addition, the land in question is leased to North Dakota farmers Thomas Campbell, William Campbell and Gregory Campbell doing business as Campbell Farms, a general partnership.

 

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