Arizona State Land sells for $110M, $15M over appraised value

A 1,276-acre site in Fountain Hills sold for $110 million earlier this week.  The land had appraised value of $95 million.

The Ellman Cos. was the winning bidder and now owns two big pieces of land far northeast Valley.

Thirty plus bids pushed up the price at the auction. Toll Brothers and The Pivotal Group, we’re a couple of other developers that we’re bidding on the land as well.