Homebuilders and other investors purchased 415 acres of land at a government auction today.
The U.S. Bureau of Land Management sold the parcels, all in the southwest valley, for $49.75 million, the agency said. The auction was held at North Las Vegas City Hall.
The BLM had offered 516 acres for sale, at a starting price of $63 million combined. Parcels ranged from 2.5 to 160 acres each.
The successful bidders all paid the required deposit today — 20 percent of the purchase price — and have 180 days to pay the balance.
According to the BLM, the buyers included homebuilders American West (37.5 acres for $10.9 million), D.R. Horton (12.5 acres for $2.8 million) and Pardee Homes (10 acres for $1.7 million), as well as electric provider NV Energy (17.5 acres for $1.6 million) and residential and commercial developer the Lewis Group of Companies (49 acres for $10.1 million).
The largest parcel, 160 acres, sold for $5.2 million to master-planned community developer Olympia Companies, records indicate. A company representative did not immediately return a call for comment.
Proceeds from the auction can be used for parks, trails and conservation initiatives, among other things. Additionally, 10 percent of the proceeds are earmarked for the Southern Nevada Water Authority and another 5 percent for the state’s general education fund.
Parcels that went ignored today will be offered at future land sales.