Dairy Cow Fetches $1 million at Auction
US - Apple, a red Holstein from Wisconsin, was sold for $1 million in an auction held Monday at Arethusa Farm in Litchfield, CT writes John McKenna, Republican-American.
28 July 2008
2 minute read
Apple, a 4-year-old red Holstein, was sold for $1 million by Apple Red LLC to a six-person consortium headed by Tom Schmitt of Durango, Iowa.
"Only a handful of dairy cows have sold for $1 million," Schmitt said. "She's a special one because of her color and pedigree. We're ecstatic to have her."
Apple will return to her farm in Wisconsin to resume her career as a milker and embryo producer, which is where the investment Schmitt and his group have made will eventually pay off. Embryos can sell for tens of thousands of dollars depending on the pedigree of a cow.
"There's a demand for embryos and she'll satisfy it," Schmitt said. "For us it's a long-term investment, not one that's going to yield positive cash flow for a couple of years."
Bidding for Apple started at $200,000 and was competitive, Arethusa Farm manager Terri Packard said, until Schmitt's group offered $1 million.
Four of Apple's daughters were sold in the auction as well, according to Packard.
Fifty-four Holsteins and Jerseys were auctioned at an average of $97,490 each, yielding a gross of $5,264,460, Packard said. Six went for $200,000 or higher. Arethusa auctioned two of its Holsteins and two Jerseys for a total of $321,000.
Monday's auction, known as the Global Glamour sale, was a first for Arethusa, which three years ago was named a Dairy Farm of Distinction by the state Department of Agriculture.
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