Gilbert likely to lose $4.4 million in sale of land it bought without a formal appraisal

 

By Lily Altavena | Arizona Republic

Gilbert’s nearly decade-old land debacle will likely turn into at least a $4.4 million loss for the town.

The Gilbert Town Council approved the sale of 58 acres of undeveloped, town-owned land on Germann and Greenfield roads to Gilbert homebuilder Desert Vista LLC for $18.5 million last week.

Next week, the council will consider another bid from Desert Vista for 80 acres of land on Chandler Heights and Greenfield roads for $18.45 million.

Gilbert had purchased the land in 2009 for future parks but later opted to build the parks on land the town already owned elsewhere.

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