By Richard Dyer | YourValley
A national homebuilder bought a huge tract of state land south of Apache Junction for nearly four times an initial bid during a November auction for the parcel.
Bidding started at $68 million, but the 2,783.13 acres of State Trust Land adjacent to Apache Junction went for $245.5 million to Arlington, Texas-based homebuilder D.R. Horton Inc. in a live auction Nov. 4.
The state’s K-12 schools will be beneficiaries of the land sale in the area called Superstition Vistas between Elliot and Ray roads and from Meridian east about 2 miles.