The federal government sold more than $170 million worth of Las Vegas Valley land on Thursday.
The Bureau of Land Management announced that buyers picked up 664.8 acres for $171.2 million total at the auction. Investors passed on more than 220 acres, as the BLM offered 888.35 acres for sale.
Homebuilders and other real estate investors buy land at BLM auctions. The biggest parcel that sold Thursday spans 270 acres and was acquired for $43.2 million by developers Garry Goett and Guy Inzalaco of Olympia Cos., the BLM news release shows.
Olympia senior vice president Chris Armstrong told the Review-Journal that the parcel, in the upper northwest valley, would become a residential community.
The BLM said the auction’s successful bidders were required to pay 20 percent of their bid by 3:30 p.m. Thursday. The remainder is due within 180 days.