This phrase is a less direct way to say someone has died, often used to soften the impact. After the crash, we heard the pilot bought the farm.
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Conversational Tone
'Buy the farm' is typically used in casual speech rather than formal situations. When he didn't come back from the expedition, we feared he might've bought the farm.
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Cultural Reference
The term originated in military contexts, referring to dying in battle and paying the 'farm' with one's life. My grandfather was fortunate to not buy the farm during the war.