“All corporations or LLCs are prohibited from owning or leasing farmland or ranching, and are prohibited from engaging in agricultural or ranching operations,” he wrote in the letter.
“Furthermore, the law places certain restrictions on the ability of trust companies to own farmland or pastures.”
Red River Trust has 30 days to respond to the June 21 letter.
Local residents have not responded positively to the Honghe acquisition. “I’ve heard a lot about this from all over the state,” said North Dakota Agriculture Commissioner Doug Goehring. Goehring said it’s not illegal to sell land to billionaires, but people feel He was exploited by the super-rich who bought land in North Dakota but did not share the state’s values.
The Gates-linked company reportedly purchased nearly 2,100 acres of northern Red River Valley farmland from the owners of North Dakota potato-growing group Campbell Farms.
The deal is worth nearly $13.5 million. Most of the land is not irrigated.
Gates is the largest private farmland owner in the United States, with 242,000 acres in 19 states. However, he is not “the largest landowner in the United States” as some domestic media say.
The title of “America’s Largest Landlord” belongs to media mogul John Malone, who owns more than 2 million acres of forest land in the United States, nearly 10 times the size of Gates in terms of land area alone.