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Development land sells at auction for $1.65 million

WEST WENDOVER, NEV. -- An 11,868-acre stretch of commercial and residential development land along Interstate 80 west of West Wendover, Nevada, sold for $1.65 million Thursday in an auction that attracted bidders from Utah, California, Nevada, Colorado and Idaho, with J.P. King Auction Company, Gadsden, Ala., managing the sale.

“This was a really strong turnout, especially given that the nearest major city was Salt Lake City, more than 120 miles away. By all accounts, we got a good price for the land,” said Craig King, president of J.P. King.

The land was offered in 27 different parcels, and bidders spent more than two hours bidding for various combinations of parcels. But in the end, the property went to Stephen Marks Sr., of Tower Investments LLC., Woodland, Calif.

“Ultimately, the strongest demand was for the land as an entirety,” said King. “We had Mr. Marks and a remote bidder from Colorado Springs, Colo., bidding on the whole property.”

Seller Mike Ford, a land developer who divides his time between Utah and Nova Scotia, said he was pleased with the results.

“Things worked out well for us, and I’m very happy. I felt the J.P. King crew did a very good job,” said Ford, adding it was the first time he has sold property at auction. “If I had an opportunity to sell a property like this again, I would definitely put it through the auction process,” he said.

The sale included water rights of 27,000 gallons per minute, according to King.


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