BLM to conduct big land auction

Wednesday, Oct. 29, 2003 | 9:32 a.m.

The Bureau of Land Management will conduct its biggest auction under the Southern Nevada Public Lands Management Act on Nov. 6 when the agency auctions off 2,723 acres.

The agency will auction 59 parcels throughout the urban area, with the largest parcels in Henderson.

The land offered is the most available since the law passed in 1998. The BLM has had 15 auctions since then. The largest single piece is 1,940 acres appraised at $250 million, or about $129,000 per acre. Also in Henderson is a parcel of 482 acres appraised at $66.5 million, or $138,000 per acre.

A third piece in Henderson of 115 acres is appraised at $17.2 million or $150,000 per acre.

Final bids offered at the auctions must match or beat the appraised price, but competition in the market often sets the final cost. In past auctions, some land has sold for double the appraised value.

Sales thus far have raised $567.3 million. Money raised from the sales is mostly used for the purchase and protection of environmentally important land in Nevada, the development of parks and trails in Clark County, and capital improvements at federal recreation and conservation areas in the county.

The Nevada general education fund also receives 5 percent of sale proceeds, and the Southern Nevada Water Authority receives 10 percent of the income.

Land sold under the terms of the act is federal property nominated by either local governments -- Clark County or the cities of Las Vegas, Henderson and North Las Vegas -- or the BLM itself.

The Nov. 6 auction is scheduled for 8:30 a.m. at Sam's Town. For information, call the BLM at 515-5000.