In case you don't have a calculator handy, this land auction produced
a per-acre price of $553,900 per acre. This is not city center
commercial property. The land is desert. Flat, arid sand with a bit
of scrub vegetation. No redeeming qualities but one: location.
Parcel near Desert Ridge sells for $149 million
Michael Clancy
The Arizona Republic
Apr. 17, 2007 11:15 AM
A 269-acre parcel near Desert Ridge Marketplace sold today for a
record price in an Arizona State Land Department Auction.
It sold for the appraised price of $149 million.
The buyer was a company called Desert Ridge Holdings, which plans to
put 3,700 housing units on it.