AZBigMedia
In the first purchase of residentially zoned State Trust Land in Tucson in more than a decade, KB Homes successfully bid $10.625 million today for about 210 acres northeast of the northeast corner of Camino Seco and Irvington Road, State Land Commissioner Lisa A. Atkins said.
The successful bid amount was equal to the appraised value of the subject parcel, the minimum bid allowed under state law. The last time residentially zoned State Trust Land in Tucson sold at an Arizona State Land Department auction was in 2006.
The successful bid amount from today’s auction will be deposited into an account of the Permanent Land Endowment Trust Fund at the Office of the Arizona State Treasurer. The account is designated for these Trust Beneficiaries: Arizona Pioneers’ Home, Arizona Department of Corrections, and Arizona Department of Juvenile Corrections.
