Photo Caption: Auctioneer Michelle Fleming (left) and Land Disposition Project leader Bryan Sparks (right) and a State Land Department staffer man the auction table Wednesday at the steps of the Mohave County Courthouse.
MOHAVE COUNTY — Prime parcels of real estate in Lake Havasu City and Bullhead City were sold in Kingman Wednesday, fetching almost $9 million dollars beyond their collective appraised value. Representatives of the Arizona State Land Department conducted two auctions at the steps of the Mohave County Courthouse.
About three dozen people including State Land Department staff, bidders and spectators attended the April 23 property sale event.
Auctioneer Michelle Fleming first opened bids for 100 acres situated between highway 95 and the Laughlin/Bullhead International Airport. Local developer Elio Khalife was the first to drop out as bidding continued between Don Laughlin grandson Matt Laughlin and local developer Ali Salass representative Jake Kwarta.
Laughlin secured the parcel on the 19th bid. It sold for $3.94-million, well above its appraised value of $1.64-million.
There were also three participants in spirited bidding for a 623-acre parcel near the Lake Havasu City Airport, west of Highway 95. Kwarta was runner-up again with APX West securing the property on the 53rd bid of the auction.
APX West partner and director real estate Dustin Runyan’s winning bid of $10.3-million was more than $6.6-million above the $3.66-million appraised value.
“We’re excited,” said APX associate Andrew Oxley. “We’re going to start planning right now.”
Oxley conceded some concepts are in mind, but noted development details that remain confidential at this point will become public as the project(s) move forward.
A third auction involving 294 acres in Bullhead City appraised at $4.82-million was postponed, as it was on March 18. “That’s at the discretion of the Commissioner,” auctioneer Fleming said.
The property will be put up for auction again on June 17.
Arizona has more than 9 million surface acres of State Trust lands. The property is a dedicated revenue source for 13 beneficiaries, including K-12 schools and universities.
