Calculated Risk | May 29 2011 8:53 EDT
From Bloomberg: Arizona Land Sells for 8% of Price Calpers Group Paid at Peak (ht Justin)
A 10,200-acre desert site in Arizona sold for $32.5 million this week, five years after a group with investors including the California Public Employees’ Retirement System paid $400 million for the land.This was one of those crazy deals that happened right at the peak.
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The site ... had been planned for a 42,000-home community by the Calpers- financed group when it was purchased in 2006.