The Arizona State Land Department set a new price-per-acre record and generated more than $16.6 million for Arizona’s schools when JLB Realty LLC placed its winning bid for 10.41 net acres of trust land located at the southeast corner of Scottsdale Road and Chauncey Lane in Scottsdale.
“This was an exciting auction,” Max Masel, real estate director for the Arizona State Land Department, said. “Five bidders placed 62 bids and the winning bid was $16.6 million.”
Acting State Land Commissioner David Trimble said the property was appraised at just over $815,000 per acre and sold for over $1.5 million per acre. He said the $36.61 per square foot price was the highest per acre selling price ever for state trust land.
“This in an example of our mandate to receive the highest and best value for state trust land in action,” Trinble said.
The Arizona State Land Department manages state trust lands granted by the federal government to Arizona at the time of its establishment as a territory and upon statehood. Each parcel granted to the state is assigned a specific beneficiary. The department manages approximately 9.2 million acres that generate revenue for the 13 trust beneficiaries -- the largest of which is K-12 education.