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BLM Land Auction Raises Funds

Las Vegas investors snapped up southern Nevada land at a recent Bureau of Land Management auction, paying more than asking price.

BLM says it sold 818.66 acres at its Tuesday auction for $94.5 million combined. The agency was offering 846.16 acres for no less than $85.4 million combined.

The successful auction comes after lackluster sales in the region's two BLM auctions last year. Investors passed on 240 acres last May and 365 acres last November.

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The land was purchased by homebuilders American West Homes and D.R. Horton, commercial developer Lewis Group of Companies and apartment developer Nevada West Partners, among others.

The BLM says all successful bidders paid the required 20 percent of their purchase price on Tuesday. The rest is due by Oct. 24.