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| Yes you'll pay cap gains. 15% for first $500k and 20% after that on long term (over 1 year) holdings. Short term holdings are taxed at your regular income bracket so surely above 20% for you. Another 3% goes to state of Indiana, so plan on around 20% off the top.
I'll assume this is at minimum a $2 million purchase. $2 million in the S&P should average you $160k in returns annually. Let that 2 mil cook there for 14 years and it'll be just shy of $6 million. More since you said you have stock left over after this purchase. It would still almost double if you just put it in a HYSA at todays rates. Return wise the stocks will most likely eat the lands lunch.
Only 3 reasons I would buy if I were you.
1) Didn't feel like I was farming enough now to keep me busy
2) Developer pressure/keep it out of someone's hands
3) Crazy good deal, like 30% off expected price
Not a big fan of seeing how much "more" you can do for the next generation when you're already well established especially when they are probably near 50 themselves. Kids can buy ground with the money after you're gone if that's their ambition with no tax burden. I would consider helping them purchase somehow if they came to you asking.
With your age it really depends on your family and how your succession plan is made up.
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Buy the 160 close to home --sell stocks?
