PETATLAN, MEXICO-A group of investors led by Eddie Villa Real, president of Infratur, is selling a 2,259-acre stretch of beach here in auction for more than $39 million. Paramount Realty USA, based in New York City, is hosting the June 28 auction for the resort property.

Misha Haghani, a Paramount principal, tells GlobeSt.com that a group of citizens began to purchase parcels of the property starting in 1979. However, it took too long to put the pieces together, some of the investors passed away and the economic downturn killed the chances of a development, he says. “When the market became difficult, financing became difficult,” Haghani says. “It was nearly sold for $59 million, but that unfortunately did not make it to closing.”

He says Villa Real is now one of the last surviving original investors in the property, which is zoned for tourism development, which includes resorts, golf courses, marinas, retail and multifamily development. The four miles of beach is between the cities of Acapulco and Ixtapa, which hosts the International Airport.

Haghani says the property has been appraised by the state of Guerrero and Cushman & Wakefield at higher than $39 million, and has support for resort development by the local and state government. “The owners feel the wisest way to tell the marketplace how serious they are about a sale is through an auction,” Haghani says.