State land in Arizona sells at auction for $49 million

Arizona News

SCOTTSDALE, Ariz. (AP) – A bidding war over state-owned land in Scottsdale, Arizona, has culminated in a sale worth more than $49 million.

The Arizona State Land Department announced the hefty winning bid Thursday for the 74-acre (0.30-square kilometer) parcel near Hayden Road and the Loop 101 freeway.

The $49.1 million bid came from Axon Enterprise. The proceeds will go into the Permanent Land Endowment Trust Fund, which invests in K-12 education in Arizona.

Lisa Atkins, land commissioner, said the department could not be “more pleased” with the sale. The land had a far lower appraised market value of more than $17 million.

Axon plans to build infrastructure, including water and sewer access, on the land.

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