Bill Gates made his fortune in tech, but he’s now betting big on something completely different: farmland.

Last week, Gates secured the legal approval for purchasing 2,100 acres of farmland from northeastern North Dakota potato growers Campbell Farms.

Of course, this isn’t first time Gates has invested in the asset class. Having amassed nearly 270,000 acres of farmland across dozens of states, Gates is already the largest private owner of farmland in America.

Let’s take a closer look at the approval.

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Betting (on) the farm

Gates’ purchase of farmland in North Dakota initially raised concerns because of a Depression-era law that prohibits corporations and limited liability companies from owning farmland in the region.

North Dakota’s Agriculture Commissioner Doug Goehring previously told KFYR-TV — a television station in Bismarck, North Dakota — that many people weren’t thrilled about the news.

“I’ve gotten a big earful on this from clear across the state, it’s not even from that neighborhood. Those people are upset, but there are others that are just livid about this,” Geohring said.

However, the anti-corporate farming law does allow individual trusts to own farmland if it is leased to farmers — and that’s what Gates’ firm plans to do.

On Wednesday, North Dakota’s Attorney General issued a letter saying that the purchase complied with the law.

A recession-resistant asset

You don’t need an MBA to see the appeal of farmland.

Markets can go up or down, but no matter what happens, people still need to eat.

That makes farmland intrinsically valuable.

And it just so happens that Gates’ good pal Warren Buffett also likes the asset.