Four parcels of State Trust Land in North Scottsdale were sold at auction to three winning bidders Thursday, for a total of $38.25 million.

The city of Scottsdale had the highest bid on the first two sales for a combined $31.4 million. The parcels combined comprise 69.5 acres.

Land Research and Development bid $3.43 million for a parcel of less than 7.3 acres and home builder David Richter bid $3.375 million for another parcel of approximately 7.5 acres.

The land is located near Westworld, the annual home of the Barrett-Jackson Classic Car Auction.

Each parcel was auctioned individually first and then as a combined package, allowing State Land Commissioner Mark Winkleman to select the highest bid or combination of bids.

Although there was competition, no bid came close to the combined value of the individual bids and Winkleman declared the individual bidders the winners for a total sale value of $38.25 million.

The Arizona State Land Commissioner serves as trustee of over 9.3 million acres of Arizona State Trust Land. The proceeds from the sale of Arizona State Trust Land are delivered to Arizona public schools for kindergarten through 12th grades.

For more: www.land.state.az.us.

Posted: 12|2|05 at 10:31 am. Filed under: US News.