Record Bid 16 Percent Above Appraised Value
(Phoenix) The Arizona State Land Department today announced the second highest land sale in department history with the results of a live land auction at which The Ellman Companies provided the winning $110.1 million bid for 1,276 acres of land in the Town of Fountain Hills, reflecting a 16 percent premium above the appraised land value of $95 million.
The auction had more than thirty alternating bids between The Ellman Companies and Pivotal Fountain Hills, LLC who were registered bidders competing for the residentially-zoned land located at Fountain Hills Blvd. and McDowell Mountain Rd. on the northern edge Fountain Hills.
Winkleman addressed a standing room crowd at the auction, thanking Suncor Development for their efforts in working with the State in the preparation for the auction. He also stated that the auction revenue will go to the Arizona Common Schools.
“This record-setting bid verifies that the Arizona land market is strong and highly competitive,” said Winkleman. “We worked closely with the Town of Fountain Hills to bring this land to auction and The Ellman Companies will now be able to work with the Town to develop their vision for the area,” he said.
“This is the second largest land sale in the history of the Land Department and we are anxious to get this land into the private sector and the money into the State’s schools,” Winkleman said.
According to Don Kile, president of Goldfield Preserve Development, LLC, one of The Ellman Companies, the company plans to work with the Town of Fountain Hills Management, Town Council and the citizens to put together a development plan that works for the entire community, including the school district.
The Ellman Companies is an industry leader in international real estate and corporate investments formed in 1972 by CEO Steve Ellman. The Ellman Companies develops world-class real estate projects throughout North America. For more information about The Ellman Companies visitwww.ellmanco.com.
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.