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Historic land sale closes in Nevada

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From the January issue: In one of the largest land sales in U.S. history, a 1.28 million-acre Nevada parcel traded hands for $31 million last month, according to the CBRE Group, which represented the seller. The property stretches all the way from Reno to the border of Utah, and is approximately the size of Rhode Island. The buyer, Florida-based Fountain Investments, also purchased mineral rights for 800,000 acres of the parcel. The seller was Pico Holdings, a California-based holding company. Pico’s former chief geologist will join Fountain as an adviser to oversee mineral extraction on the land. “A land sale for more than $30 million is very significant today,” Steve Lehr, senior managing director with CBRE’s Land Services Group, said in a statement. [more]