Hi Kelly:
Honeylocust, despite the nasty thorns, does produce beautifully colored lumber; however, honeylocust is traditionally considered a low to lower value species -- especially by timber buyers. However, honeylocust lumber sawn and sold by custom sawmill operators is often sold for a premium price.
If you want to know if there is any legitimate value for this five-acre parcel, please contact a professional consulting forester:
http://web.extension.illinois.edu/forestry/pdf/tfb-nres-202.pdf