Buyers snap up land at auction

PHOENIX – Buyers snapped up thousands of acres of development land Saturday in an auction of land in Maricopa, Yuma and La Paz counties, with J.P. King Auction Company, Gadsden, Ala., managing the sale.

The auction, in which 67 bidders competed for a total of 7,086 acres, was the latest in a series of property sales for the Baptist Foundation of Arizona Liquidation Trust, which is selling the holdings of the dissolved Baptist Foundation of Arizona to recover funds for investors.

The property, which sold for a total of $1,450,000, was sold in 93 parcels ranging from a single acre to more than 320 acres.

“We had a great turnout and a lot of really active bidding, resulting in a complete sellout,” said Craig King, president of J.P. King.

In terms of acreage, most of the land sold was concentrated in two major stretches -- a 3,243-acre property off Interstate 10 in La Paz County and 3,160 acres off Interstate 8 near the Yuma Proving Ground in Yuma County. Details on the prices of various parcels and the names of the buyers were not available.

Alan Olson, representing the Baptist Foundation of Arizona Liquidation Trust, said he was pleased with the results of the auction.

“We were happy with the turnout, and the sale met or exceeded our expectations,” said Olson. “We had a lot of people and a lot of good, active bidding. Based on the turnout and the activity we saw prior to the sale, it made us comfortable in letting it all go,” said Olson.

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