>The 2021 Colorado average farmland real estate value, a measurement of the value >of all land and buildings on farms, was $1,610 per acre. This is an increase of >1.3 percent from 2020 and 2.5 percent from 2019.
So we're talking $3.2mm today and by what the person you replied to said, I'm betting that his family bought that land a very long time ago.
I'm not a farmer by any means, but I just did a quick search for land in Colorado and I'm even seeing ~2,400 acres on sale for $1.7mm today. There's 15,000 acres listed for $2.1mm. I mention not being a farmer because I don't know if those lands are viable for anything.
Furthermore, computerizing farm implements means shorter life span for its equipments.
Probably why older cars are lasting longer than newer ones. Computer chip failure of a 20-yo car means a trip to the wrecking yard to get that chip or get totaled; 40-yo car, not as much.