Based on some of the interviews that the owner did in past years, it seams that the operation relied on perpetual land appreciation as collateral to bankroll the next purchase.

I'll gladly pay you Tuesday for a hamburger today.

Edit:

"the past two decades and we've just had a great run right and where appreciation of land low interest rates all of that has enabled my personal wealth our Farms personal wealth to continue to grow an that was on Levering so um I guess that's economics one to one for me well"

link