The Arizona State Land Department still has no registered bidders for next Thursday’s planned auction of nearly 2 square miles of state trust land recently annexed into Fountain Hills.

Bidders may register up to 48 hours before the auction, officials said.

The state has re-estimated the worth of the 1,276 acres at $95 million, officials said.
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The land was previously estimated at $130 million for an auction that was canceled in September because of low interest. A stagnant Valley housing market has led to an abundance of homes for sale and less interest in developing new housing tracts.

At least one major developer in the Fountain Hills market will pass on next week’s auction.

Shelley Johnson, a spokeswoman for MCO Properties in Fountain Hills, said her company does not intend to participate.

Jamie Hogue, a deputy land commissioner for the Land Department, said 3,000 information packets about the Fountain Hills land were sent to prospective bidders.

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Posted: 03|8|07 at 9:23 am. Filed under: US News.