Last Updated: July 28, 2010 ET

General Growth to Auction 60 Acres in Summerlin NV

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LAS VEGAS-A bankruptcy court in Las Vegas has approved the plan of General Growth Properties Inc. to auction off 60 acres of land in Summerlin residential development in Las Vegas. The lead bidders for the plots include Richmond American Homes, which has offered $18 million for 32 acres, and PulteGroup Inc., which is offering $20 million for 31.5 acres.

General Growth had acquired this land along with Rouse Co. in 1996. The site houses about 100,000 residents and has 25 schools. For the full story, go to Wall Street Journal.

Categories: West, Acquisitions/Dispositions, Development, Distressed Assets, Las Vegas

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