Homebuilder American West is top buyer in auction of southern valley land

Federal lands officials sold 87.5 acres of southern Las Vegas Valley property today at auction for $18 million.

Homebuilder Larry Canarelli’s American West Development bought the most, 47.5 acres, for $12.3 million. Haikal Exemption Trust picked up 17.5 acres for $2 million, and Khusrow Roohani bought 12.5 acres for $2.8 million.

The U.S. Bureau of Land Management had put 120 acres up for grabs, with hopes of fetching at least $19 million.

The winning bidders paid 20 percent of their purchase price today and have 180 days to pay the rest, the BLM said.

Sale proceeds can be used for parks, trails and conservation projects. Ten percent of the funds are earmarked for the Southern Nevada Water Authority and 5 percent for the Nevada State General Education Fund.

Much of the land the BLM listed for sale is south of Blue Diamond Road between Rainbow Boulevard and Buffalo Drive, with other chunks near the intersection of Cactus Avenue and Jones Boulevard and on Bermuda Road just north of St. Rose Parkway.

It wasn’t the only government sell-off this week where investors left land on the table, though.

On Tuesday, Henderson City Hall tried to auction 359 acres near the Inspirada community for at least $33 million but got no bids.

City officials had said the property is an “ideal area” for development — near freeways, St. Rose Parkway and Henderson Executive Airport — but developers seemed to disagree.

Real Estate