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To give away the farm means to make an agreement or a deal with another party that puts one at a disadvantage because the other party gets most of or all the benefit.

Google examples:

"”"Instead, he signed a law that gave away the farm to big drug companies while leaving seniors with hardly any benefits. It was a boondoggle as far as I'm ...
www.wa-democrats.org/press_room/press_08-20-04.php

"”"When the deal is so one-sided, at some point it's going to have to be changed," Lawrence said.
Lawrence ....says the state gave away the farm when it signed the deal with tribes.
"It was almost to the point that the legislators didn't really know what they were doing when they negotiated this thing on behalf of the state," Lawrence said. "And they pretty much gave everything away to the tribes."

There are two other metaphors involving the idea of "farm":

bet the farm = take too high a risk, usually financial

buy the farm = to die or be killed

Marilyn

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