Photo via D.R. Horton Facebook
By Robert Anglen | Arizona Republic
FLORENCE — A state land auction near some of the most lucrative residential real estate in the region opened Wednesday with lowest possible legal price and only four bidders.
When the gavel came down a little more than an hour later, two homebuilders had pushed the purchase price of the southeast Valley land to more than three times the appraised value of $68 million.
Texas-based D.R. Horton cast the winning bid of $245.5 million for the tract known as the Superstition Vistas. Located just east of the Maricopa County line, it is a 270-square-mile parcel bigger than Mesa, Gilbert, Tempe and most of Chandler combined.
“This is a tremendous accomplishment for the State Land Department and a great victory of education in Arizona. To have such a robust auction with multiple legitimate potential developers means this State Land Department made a great decision to go to auction”
Jordan Rose, Rose Law Group Founder and President