Sold! 193 Acres of State Trust Land in Arizona

Land values in the Greater Phoenix area have rebounded enough to convince the Arizona State Land Department to auction off 193 acres of state land for future development. The winning bid of $30.2 million came from Jerry Ivy, a California investor who has bankrolled other Arizona-based land projects. Officials say Ivy and his partners will likely develop a mix of residential and commercial projects at the site, which enjoys convenient access to Phoenix-Mesa Gateway Airport.