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PHOENIX – More than 46 acres of State Trust land in Scottsdale was sold for $31 million at an Arizona State Land Department public auction on Feb. 13.
The parcel is located north of Princess Drive and west of Hayden Road and is mostly south of the Loop 101 freeway. The sale to Princess Hayden LLC also included right-of-way access to more than 18 nearby acres for drainage, public road and underground utilities easements.
The purchase amount will be placed in a permanent fund whose proceeds benefit Arizona’s K-12 public schools. The fund is administered by the state treasurer.
“The sale of this parcel of State Trust land will benefit public education,” State Land Commissioner Lisa A. Atkins said of the auction. “Such mature assets ultimately help open the door for economic growth in our communities.”
Public education is by far the largest beneficiary of Trust land managed by the Arizona State Land Department, whose mission is to responsibly manage the assets of a multi-generational perpetual trust in alignment with the interest of the Trust’s 13 beneficiaries and Arizona’s future.
All uses of the land must benefit the Trust, a fact that distinguishes it from the way public land, such as parks or national forests, may be used or managed. While public use of Trust land is not prohibited, it is regulated to ensure protection of the land and compensation to the beneficiaries for its use. Today the Arizona State Land Department actively manages more than 9 million acres of Trust land.
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