Auction of prime acreage fizzles

The Arizona Republic reports:

Developers showed up, some with checks in hand, but none bid Tuesday on 125 acres of prime state trust land in the Scottsdale Airpark area.

The Arizona State Land Department was seeking a minimum bid of $549,000 per acre, or $68.5 million, for a 99-yearlease of the land northeast of Bell Road and Loop 101.

Over the lease, that would have generated nearly $1 billion for Arizona schools, a record amount for a land lease, State Land Commissioner Mark Winkleman said.

Heh.