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November 10, 2009

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Two large BLM parcels are sold for $639 million

Thursday, Nov. 17, 2005 | 6:50 a.m.

At the Bureau of Land Management land auction Wednesday, two large land parcels, 2,073 and 601 acres in North Las Vegas, were auctioned together and sold for $639 million, or $238,868 an acre. The opening bid was $522.4 million.

Garry Goett, president and chief executive of the Olympia Group, developer of Southern Highlands, was the winning bidder against one other bidder: Tom DeVore, Focus Property Group president and chief operating officer.

At the February BLM auction, Focus Property Group purchased 1,711 acres for $510 million, or $298,095 an acre, and at the June 2004 BLM auction, Focus had the winning bid on a 1,940-acre Henderson parcel (now called Inspirada) for $557 million, or $287,113 an acre.

Not including the largest parcels, 247 acres were sold at auction for $152.2 million, or $616,344 per acre.

When the 2,073 and 601 acres in North Las Vegas are added, the total price was $791.2 million, or $270,783 per acre.

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