Prime land on the shores of Lake Havasu is up for auction. The approximately 91 acres of land had an initial price of $7.4 million.
The Arizona parcel lies between the Nautical Beachfront Resort and the Islander Resort. The area is accessible from the London Bridge in Lake Havasu City.
Lynn Cordova, a spokeswoman for the state government agency responsible for managing nine million acres across Arizona, said the land will go up for auction in August or early September.
Lake Havasu-based APX West Investments has filed an auction application, which will initiate legal proceedings for the sale of the state property. Proceeds from the sale and lease of state land go primarily to the Arizona area and K-12 charter schools and state universities.
“This is one of the most beautiful properties on Lake Havasu,” said APX Partner and Real Estate Director Dustin Runyon. “Our plan is to acquire it and then work with the city to develop a development plan.”
APX is currently developing four luxury residential developments on Lake Havasu.
By law, state land must be sold to the highest qualified bidder.
According to Go Lake Havasu, the area receives 835,000 tourists annually.
Here’s where to contact reporters: catherine.reagor@arizonarepublic.com or 602-444-8040.
