Friday, August 8, 2014

Kuiper Buys Big in Tonopah

Silver Springs Ranch & Silver Water Ranch

By: Paul Dionne | Vizzda

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. 
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