Tony Davis
A New York City-based hedge fund spent $100 million to buy farmland and water rights in Western Arizona, stirring concerns about a future “water grab” from that rural area and of corporate control over a major groundwater source.Water Asset Management LLC recently bought 12,793 acres — nearly 20 square miles — in La Paz County’s McMullen Valley Basin, County Assessor Anna Camacho said Friday. The company paid cash for the land, a county record shows.“This is an area that already rightfully believes it has been exploited by international companies. Now we’ve got Wall Street swooping in, to take that water, with an obvious intent to sell it to cities in the (Phoenix) valley so they can continue to grow in an unfettered way,” Attorney General Kris Mayes told the Star.The purchase may well have been the biggest water deal in Arizona history, Mayes said, adding it happened without a single public comment session being held to examine it.
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