The farmland is located at Johnson County in eastern Iowa. It was sold during an auction as "Parcel 2." It is 76 acres large, which means its total value is nearly $2 million.

Jim Rothermich, a farmland real estate appraiser and agricultural land expert, says that the auction and sale was facilitated by a real estate company specializing in farmland. He claims that the buyers were investors "willing to pay top dollar" for the farmland.

Rothermich adds that the auction for Parcel 2 featured a huge crowd with an aggressive bidding process. During the same sale, another piece of farmland known as Parcel 1 was purchased for $21,000 per acre. Parcel 1 is 75.68 acres large, which means the buyer purchased the land for more than $1.5 million. (Related: Meanwhile, communist China is buying up America's farmland.)

Experts believe prices of Iowa farmland will level off soon

The price of tillable farmland in Iowa has increased by at least 18.8 percent over the past six months. As of the end of September, the statewide average price of farmland per acre was $12,182. Back in March, it was $10,221 per acre.