An auction of 230 undeveloped acres in the heart of Pasco netted $10.3 million for the Washington Department of Natural Resources, nearly twice the amount expected when the former farm circles were put up for sale.
The property is zoned for single-family homes and multifamily units and could add 1,000 new homes when fully developed.
“There’s nothing like an auction to figure out what something is worth,” said Scott Musser of Pasco-based Musser Bros. Auctions and Real Estate, which conducted the auction of the five separate parcels on Nov. 17.
Ron Asmus Homes, a Kennewick home builder, agreed to pay $3.3 million for two parcels. William “Fawn” and Rosa Rupp of Pasco agreed to pay $5.8 million for two parcels. 7HA Family LLC, owned by Harold Alexander of Richland, will pay $1.2 million for the last parcel.
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The winning bidders paid a 5 percent deposit and have until Jan. 6 to close the separate deals. Musser said virtually all auction sales close.
The state agency authorized the sale Sept. 6. The agency manages 5.6 million acres in Washington to benefit public schools and other state-funded enterprises. It anticipated the five parcels south of Interstate 182 and just north of Chiawana High School would command $5.5 million.