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Silver Springs Ranch & Silver Water Ranch |
One week after selling 536.08 acres in nearby Buckeye for
$14.4m, Darrel and Diane Kuiper of Kuiper Dairy have acquired 1230.28 acres of
agricultural and vacant residential land in Tonopah in four sequential
transactions totaling $12,302,800 or exactly $10,000 per acre. The seller in
the all-cash transaction was Barry Becker of Becker Enterprises, who had
previously undertaken entitlement action to develop the non-contiguous parcels
into two master-planned communities along the I-10—Silver Springs Ranch and
Silver Water Ranch, though said action is no longer binding on the land
following the bankruptcy of the selling entity.
The 1230 acre assemblage is comprised of two parcels of 508
and 722 acres located at the northwest corner and one mile west of the
southwest corner of Wintersburg Road and the I-10, respectively. Silver Water
Ranch—the 508 acres at the northwest corner of Wintersburg Road and the I-10—surrounds
Ruth Fisher Elementary School and was previously planned for approximately 1,877
residential units and appears to have undergone some horizontal improvement.
Silver Springs Ranch—the 722 acres to the southwest of Silver Waters Ranch—was originally
part of a much larger assemblage that was planned for over 8,000 residential
units on 2,389 acres.
Becker, doing business as Sierra Negra Ranch, LLC, assembled
the land as 2,753 gross acres in January of 2005 through sequential interest
transactions totaling $22,024,638 or $8,000 per acre. The sale in 2005 included
water rights, ten wells, leasehold interest in and an option to purchase an
additional 1,109.31 acres of state land. Becker brought in investors and made
an agreement with Global Water Resources to build infrastructure and provide
water and wastewater services for the two residential subdivisions. In July of
2012, a judgment in the amount of $1,981,897--ultimately increased to $5.321m--against Sierra Negra and in favor of
Global Water Resources was entered and the following month, Sierra Negra filed
Chapter 11 Bankruptcy.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
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