The Arizona Land Department on Thursday accepted the winning bid for a Scottsdale property worth about 50% more than the appraised value.
A 74-acre parcel of state-owned land near Hayden Road and the Loop 101 freeway in Scottsdale, has sold for more than $49 million.
A bidding war on what was originally valued at about $31.7 million, is now owned by Axon Enterprise. The company best known for it’s taser products plans to expand their current headquarters and build out water and sewer access.
However, last month the Scottsdale City Council agreed to repay Axon up to $9.5 million for improvements to the proposed new campus, despite some public concerns.
The proceeds of the land sale will go to the Land Endowment Trust Fund, which funds K-12 education in Arizona.
EDITOR'S NOTE: The headline and story have been modified to correct the appraised value of the land.
