(Phoenix) The Arizona State Land Department today announced the highest land sale in department history with the results of a live land auction at which Deseret Ridge Holdings, a subsidiary of Rightpath Limited Development Group provided the winning $149.45 million bid for 269 acres of land located in the Desert Ridge area south of Deer Valley Drive and west of Tatum Blvd. in Phoenix.
According to Arizona State Land Commissioner, Mark Winkleman, this auction has brought the highest dollar amount for any land sale in the department’s history. The prior record was $135 million set in August 2005 for another parcel in Desert Ridge that was purchased by Toll Brothers and Pulte Homes.
“This is a remarkable sales price and a milestone for the State of Arizona which sends a clear message that the market is strong and very interested in the lands Trust has to offer,” said Winkleman.
Winkleman congratulated representatives from Rightpath on their land purchase and stated that the auction revenue will go to the Arizona Common Schools.
According to Rick Burton, principal, Rightpath Limited Development Group, the company plans to develop a residential community on the site.
“Rightpath is proud to be part of state history today by buying this extraordinary Desert Ridge site,” said Burton. “We are ready to get started to build a wonderful community in an area that is high demand because of its ideal Valley location,” he said.
The Arizona State Land Department manages 9.3 million acres of Arizona State Trust Land. The proceeds from the sale of land go to the beneficiaries of the Arizona State Land Trust Permanent Trust Fund, primarily Arizona Common Schools, supporting grades K-12. For more information about the State of Arizona Land Department visit land.az.gov or call (602) 542-4621