By Corina Vanek | Phoenix Business Journal
More than 13,000 acres of land in Buckeye soon could be opened for development after the Arizona Court of Appeals affirmed a judgment against developer Conley Wolfswinkel, ordering him to pay more than $72 million to the land’s previous owners, who sued Wolfswinkel for aiding and abetting a breach of fiduciary duty.
The issue has been in litigation for nearly 15 years, but the ruling upholds a 2015 Maricopa County Superior Court decision against Wolfswinkel in the case.
The land previously was owned by a group of investors known as 10K LLC, which included Leo Beus, Paul Gilbert, William Franke, Bill Pope, Sandra Baldwin and Randy Stolworthy, among others. 10K’s promoter and manager, Robert Burns, sold the land, along Sun Valley Parkway west of the White Tank Mountains in Buckeye, to a company controlled by Wolfswinkel through his sons against the will of the members of 10K.