State to auction off land in Pinal County to share in development proceeds
The land that will go up for auction is called Superstition Vistas. It’s located between Elliot and Ray roads and from Meridian east about 2 miles.
More than four square miles of state land in Pinal County is being auctioned off this coming month for what might seem like bargain-basement prices.
But odds are you won’t be to bid on it even if you have the $68 million minimum bid price — or at least the 10% down with 25 years to pay it off.
In what appears to be the first-of-a-kind auction, the Arizona Land Department will be taking bids only from those with unrestricted cash or equivalents of at least $40 million, have a net worth of not less than $400 million, and have “relevant experience’’ in developing a planned community of at least 1,000 acres and at least 2,000 residential units.
