Homebuilders run up price of East Valley land to $245.5M in controversial state auction
D.R. Horton won the Superstition Vistas auction for $245.5 million. The land is located between Elliot and Ray roads and from Meridian east about 2 miles.
A state land auction near some of the most lucrative residential real estate in the region opened Wednesday with the 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 in an area known as the Superstition Vistas. Located just east of the Maricopa County line, the Vistas is a 270-square-mile parcel bigger than Mesa, Gilbert, Tempe and most of Chandler combined.
