A developer has successfully bid $7.2 million for about 23 acres of State Trust Land in Phoenix.
State Land Commissioner Lisa Atkins says Phoenix-based Pederson Group's bid Monday was $2.58 million more than the subject parcel's appraised value of $4.62 million.
Proceeds from the auction will be invested to benefit the Arizona Pioneers' Home in Prescott and adult and juvenile correctional institutions around the state.
The $7.2 million will be deposited into accounts of the Permanent Land Endowment Trust Fund at the Office of the Arizona State Treasurer.
The State Land Department manages more than 9.2 million acres of Trust Land.