Land investors gobble up 800 acres in BLM auction

After passing on hundreds of acres at government auctions last year, Las Vegas land investors scooped up almost everything offered Tuesday and paid above the asking price.

The Bureau of Land Management said it sold 818.66 acres at auction for $94.5 million combined. The federal agency offered 846.16 acres for no less than $85.4 million combined.

All of the successful bidders paid the required 20 percent of their purchase price by 3 p.m. today, the BLM said. The remainder is due within 180 days, or by Oct. 24.

The buyers included homebuilders American West Homes and D.R. Horton, commercial developer Lewis Group of Companies and apartment developer Nevada West Partners.

The auction results stand in stark contrast to the BLM’s two locally held auctions last year.

In May, investors bought almost 358 acres at auction for $19.2 million, passing on 240 acres.

In November, investors bought about 260 acres for $32.6 million, leaving 365 acres on the table.