An Investigate Midwest investigation shows Shahid Khan has snapped up 24,000 acres in recent years, but is staying mum about his next steps.
This story was co-published by CU-CitizenAccess.
Illinois billionaire Shahid Khan is known for building the automotive parts company Flex ‘N Gate, based in Urbana, IL, into a global manufacturer with 69 facilities around the world.
This article is republished from The Midwest Center for Investigative Reporting. Read the original article here.
He also is known as the owner of the National Football League team Jacksonville Jaguars and the UK’s Fulham F.C. soccer team.
In addition, he has given millions of dollars to his alma mater, the University of Illinois at Urbana-Champaign, and millions to other charitable causes.
In recent years, he has added to investments by quietly purchasing farmland through a company he owns called Baloo Enterprises LLC. A spokesperson for Khan confirmed earlier this month that Khan has purchased roughly 24,000 acres of farmland in central Illinois.
“What’s different is that as other investments have either gotten riskier or there’s a shortage of safe assets, farmland really holds the market position pretty well.”
“He sees farmland as a good investment and legacy asset,” said Jim Woodcock, the spokesperson. “He’s not a stranger in investing in Illinois, where he has spent a good portion of his life.”
Woodcock did not respond to questions about where else Khan, whose wealth has been estimated at $8 billion by Forbes Magazine, may be buying farmland.
A review of county property records identified about 8,400 acres of the Illinois purchases in 10 central Illinois counties. Baloo bought the parcels of land for about $84 million, according to a review by the Midwest Center for Investigative Reporting. Baloo, based in Urbana, made those purchases beginning in 2015, which is also when the company was created.
Total Acreage Purchased by Baloo Enterprises LLC in Central Illinois
A Midwest Center for Investigative Reporting review found Baloo Enterprises LLC, owned by Illinois billionaire Shahid Khan and based in Urbana, has purchased 8,427 acres of farmland in central Illinois.
Satellite View of Farmland in Champaign County
Map based on approximate longitude and latitude from county GIS data and property record systems.
View the full interactive map here.
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Purchases of farmland by wealthy individuals and hedge funds have surged in recent years, but it is not a new phenomenon, farm economic experts said. They said farmland has been a popular investment for a long time because of its stability.
The LandReport, a magazine that provides news and insight on America’s landowners, recently estimated that Microsoft founder Bill Gates is the largest farmland owner in the U.S., owning about 242,000 acres. Gates owns 17,940 acres in Illinois, the report also states.
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