Walters Group make deposit on land despite overbidding $365K
A Clark County Department Of Aviation vehicle is seen on the east west runway at McCarran International Airport in Las Vegas during a tour Wednesday, Oct. 29, 2014. The east west runway at the airport begun the first phase of a $67 million renovation project to replace the asphalt on their longest runway with concrete. (Erik Verduzco/Las Vegas Review-Journal)
Development company the Walters Group deposited $495,600 in earnest money on Wednesday to secure the purchase of about 36 acres of Clark County land won at auction Tuesday.
The deposit came a day after company president Michael Luce said he inadvertently overbid by $365,000.
Luce, the sole bidder, bid $4.956 million on the property, which Clark County valued at $4.591 million.
The property is at the southeast corner of Durango Drive and Warm Springs Road, the location of the Rhodes Ranch Town Center neighborhood shopping mall. It is part of about 1,500 acres of surplus Department of Aviation land that the county has worked to auction off since March 2014.
The earnest money deposit was 10 percent of Luce’s bid.
