BLM land sale nets $21.4 million in bids
LAS VEGAS (AP) -- A federal land sale in southern Nevada has netted $21.4 million.
The U.S. Bureau of Land Management offered 134 acres of federally-owned land, as authorized under the Southern Nevada Public Land Management Act.
During a competitive sale Tuesday, the agency sold seven parcels encompassing 109 acres. The bulk of the properties were bought by two developers, D.R. Horton and Pardee Homes. Two parcels received no bids.
BLM officials say the combined sales exceeded by more than $7 million the fair market appraised value of the nine parcels offered.
Successful bidders were required to pay20 percent of the bid on the day of the sale. They have 180 days to pay any remaining balance and receive patent to the land.