PHOENIX (AP) - A Gilbert company has successfully bid more than $22.5 million for a 140-acre parcel of State Trust Land in Phoenix.
Lennar Arizona Inc. won Tuesday's auction by making the minimum bid for the land.
The auction was held at the Arizona State Land Department in Phoenix.
Land Department Commissioner Lisa Atkins says money from the auction will be invested in the State's Permanent Land Endowment Fund at the Office of the Arizona State Treasurer for the benefit of K-12 public education.
Two more State Trust Land auctions are scheduled this week - one for a 6-acre parcel in Gila Bend and another for a 40-acre parcel in Mesa.