How much was an acre of land worth in upper Michigan in 2010?

After the discovery of natural gas in 2010, the average land cost in the northern Michigan region averaged to $1,600 per acre in 2010, with some going as high as $5,000. Most, if not all, of the land was purchased by major companies who hoped to drill on the land.

Before the release of natural mineral rights to drill beneath the land, acres were going for as little as $25 per acre at auction. After the drilling began, the land had much more interest and property value increased by some 200 percent, according to Crain's Detroit Business report in May of 2010.