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Arizona State Trust Land in Desert Ridge Sold at Auction for $28.1 Million

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Vanessa Hickman

Dec. 3, 2013- On Tuesday, Dec. 3, 2013, the Arizona State Land Department successfully auctioned 105.72 acres of State Trust land located on the southwest corner of Tatum Boulevard and Pinnacle Peak Road in Phoenix.

The minimum bid requirement was $26.7 million and the winning bid was $28.1 million. The successful bidder was the Taylor Morrison/Arizona Inc.outhwest corner of Tatum Boulevard and Pinnacle Peak Road in Phoenix.

“While the appraisal sets the minimum bid, the auction establishes the market. Opening the auction at $253,000 per acre, prices not achieved since 2007, and ending the bidding with a return of $266,000 per acre, is a great example of that principle at work,” Arizona State Land Commissioner Vanessa Hickman said. “Today was an excellent day for the Trust.”

The Arizona State Land Department is tasked with the management of State Trust Lands which were granted by the Federal Government to Arizona at the time of its establishment as a territory and upon statehood under the Enabling Act of 1910 for the benefit of certain public institutions. In 1915 Arizona created the Land Department and accepted the responsibility of State Trust Land management. Today, the Department controls approximately 9.2 million acres which it manages to produce revenue for the 13 Trust beneficiaries-the largest of which is K-12 education.

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Arizona State Trust Land Auctioned in Maricopa County

Oct. 18, 2013- On Thursday, October 17, 2013, at the Arizona State Land Department, 1616 W. Adams Street, Phoenix, 193.4 acres of State Trust land was auctioned to the highest bidder.

The land, located on the northeast corner of Signal Butte Road and Guadalupe Road in Mesa, was appraised at $30 million. The final sale price was $30.2 million and the successful bidder was the Jerry Ivy Revocable Trust dated April 20, 1990.

“This was a great day for the Land Department, the City of Mesa, and the Trust beneficiaries, in this case K-12 education.” Arizona State Land Commissioner Vanessa Hickman said. “This was a significant auction and the largest residential auction in recent history”. “We were very pleased to get this property to market and see this sale as another indicator of continuing recovery in the market.”

The Arizona State Land Department is tasked with the management of State Trust Lands predominantly for the benefit of K-12 education. These lands were granted by the Federal Government to Arizona at the time of its establishment as a territory and upon statehood under the Enabling Act of 1910.  Arizona created the Land Department and accepted the responsibility of State Trust Land management. Today, the Trust controls approximately 9.2 million acres, which it manages to produce revenue for the Trust beneficiaries.

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Arizona State Trust Land to be Auctioned in Maricopa County

On Thursday, Oct. 17, 2013, at the Arizona State Land Department, 1616 West Adams St., Phoenix, 193.4 acres of State Trust land will be auctioned to the highest bidder.

The land, located on the northeast corner of Signal Butte Road and Guadalupe Road in Mesa, is appraised at $30 million. What will surely be competitive bidding by several interested parties will commence at 10:30 a.m. in the ASLD’s Lower Level Auditorium. The minimum bid has been set at $30 million dollars.

“The Department is very excited to be auctioning this property, and the fact that this promises to be a competitive auction makes it an even bigger win for the Trust beneficiaries, in this case K-12 education.” Arizona State Land Commissioner Vanessa Hickman said. “Fiscal year 2013 was a good year for the Trust with revenues exceeding $318 million and fiscal year 2014 promises to be even better. The Department is pleased to be part of Arizona’s continuing recovery and proud of our ability to increase revenues for Trust land beneficiaries.”

State Land Department generated revenue in FY13 in excess of $318.9 million. Thanks to prudent sales and careful Trust land stewardship, the Arizona State Land Department has created a Permanent Fund of over $4 billion dollars.

The Arizona State Land Department is tasked with the management of State Trust Lands predominantly for the benefit of K-12 education. These lands were granted by the Federal Government to Arizona at the time of its establishment as a territory and upon statehood under the Enabling Act of 1910. Arizona created the Land Department and accepted the responsibility of State Trust Land management. Today, the Trust controls approximately 9.2 million acres, which it manages to produce revenue for the Trust beneficiaries.

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