Landowner Jim Anthony, however, says the $12 million is lowbecause his total investment in the tract to date is $12.3 million.He says he never received a formal purchase offer from the state oreven a deal to settle the six-month-old dispute.
North Carolina is seizing his land under eminent domain law. Thedispute could wind up in court, real estate lawyers familiar withsimilar transactions tell GlobeSt.com.
Anthony paid Sterling Corp. $6.3 million for the land,outbidding several others. The state's bid of $5.5 million was thethird highest. Anthony says preliminary improvements worth another$6 million have been made to roads and bridges on the property.
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