His father retired as the executive director of marketing at Farmland Industries, a farmer-owned cooperative in Kansas City, Mo.

"We're very pleased with the results of the auction," said Sherlyn Manson, a spokeswoman for Farmland Industries.

Two years ago, Farmland Industries, the nation's largest farmer-owned co-op, dedicated a new headquarters here that seemed to symbolize the company's emergence as a corporate giant.

Painted in 1956, it depicts the growth of American agriculture and the founding of the Union Oil Company, which eventually became Farmland Industries.

Farmland Industries, Inc.

But officials at Farmland Industries say Smithfield's offer represents a solid first bid.

The stores operated as a separate business - Farmland Industries - with the headquarters in the original store basement.

Farmland Industries, the farmer-owned cooperative that filed for Chapter 11 bankruptcy protection last year, is now trying to liquidate its assets.

And Smithfield said in March that it would acquire a big Iowa processing plant from Farmland Industries, a huge cooperative.

Farmland Industries was the largest agricultural cooperative in North America when it eventually sold all of its assets in 2002-4.