All four Democratic members of the Senate Agriculture, Small Business and tourism Committee today called for a public hearing on the recent sale of 9,800 acres of farmland in Grant County to a foreign investor.
A provision in Governor Walker’s budget would eliminate the current 640 acre cap on the sale of land to foreign businesses or individuals.
“I am concerned that land prices will spike, cost will increase and new farmers will be priced out of farming,” said Senator Vinehout. “My constituents are very worried about foreign corporations purchasing such large tracts of land and they tell me that we had better think twice about foreign ownership of our food supply.”
The call for a public hearing comes amid a recent report that UBS AgriVest, part of Swiss banking giant UBS, purchased approximately 9,800 acres in southwest Wisconsin at a cost of $67.5 million or nearly $7,000 per acre.