A prime piece of land on the coast of Lake Havasu is going up for auction. The opening bid for the almost 91 acres is $7.4 million.The Arizona State Land parcel is between the Nautical Beachfront and Islander resorts. Lake Havasu City’s London Bridge provides access to the area.The land will go up for auction in August or early September, said Lynn Córdova, spokesperson for the state agency charged with managing nine million acres across Arizona.Lake Havasu-based APX West Investments submitted the application for the auction, which starts the legal process for selling state-owned land. Revenue from the sale and lease of state land primarily goes to Arizona district and charter K-12 schools, as well as state universities.“It’s one of the most beautiful pieces of land in Lake Havasu,” said Dustin Runyon, a partner and director of real estate for APX. “Our plan is to acquire it and then work with the city on a plan to develop it.”APX currently has four upscale housing developments underway in Lake Havasu.By law, state land must be sold to the highest qualified bidder.The area attracts 835,000 visitors annually, according to Go Lake Havasu.Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040.View in new tab
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