State Land In Arizona Sells At Auction For $49 Million

A bidding war over state-owned land in Scottsdale, Arizona, has culminated in a sale worth more than $49 million.

The Arizona State Land Department announced the hefty winning bid Thursday for the 74-acre parcel near Hayden Road and the Loop 101 freeway. The $49.1 million bid came from Axon Enterprise. The proceeds will go into the Permanent Land Endowment Trust Fund, which invests in K-12 education in Arizona. Land Commissioner Lisa Atkins says the department could not be “more pleased” with the sale. The land had a far lower appraised market value of more than $17 million. Axon plans to build infrastructure, including water and sewer access, on it.