PHOENIX (AP) - The Arizona State Land Department sold vacant land just east of Maricopa County at auction for $245.5 million, offixials said.
Texas-based home construction company D.R. Horton purchased the 270-square-mile (699 square kilometer) parcel that is larger than many cities in the state.
The opening bid at the sale Wesnesday was set at a $68 million evaluation.
Proceeds from the sale are designated to benefit public schools, the Arizona Republic reported.
Patrick Brown, Horton’s vice president of land acquisition, said he was not authorized to disclose the company’s plan for the land. The ompany is publicly listed and was ranked No. 183 on the 2020 Fortune 500 list of the largest American corporations by revenue.
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