By Michael Clancy | The Arizona Republic
Bidding will be reopened on north Scottsdale land that is home to Greasewood Flat and Reata Pass Steakhouse after a new offer for the 43-acre parcel raised the price by almost 40 percent.
Commissioner Lori Horn Bustamante of the Maricopa County Probate Court said in a court order that the new bid of $9 million, or almost $215,000 per acre, came from Taylor Morrison Homes.
The land is at Alma School Parkway and Pinnacle Vista Drive, e
ast of the Four Seasons Resort and south of the upscale Troon North area.
The bid, as well as several others that were made for the property, came in a case to resolve a trust established by the late George “Doc” Cavalliere before his death. Cavalliere left behind an estate-tax bill of more than $1 million, which is forcing sale of the property. In the meantime, the trust owes about $1.5 million on a line of credit.
