CAW had a very good shot at acquiring an 814-acre tract along the Big Maumelle River in west Pulaski County for a fraction of its value.
As Little Rock grows westward, land values aren't falling in that part of the world either.
In September, a 19.6-acre parcel near the aforementioned tract sold for a reported $600,000.
That's more than $30,600 per acre, a price that makes Jay DeHaven's offer to sell CAW 720 acres for $21,000 per acre sound reasonable by comparison.
His Canterbury Park investment group picked up the 814-acre bankrupt Winrock Grass Farm for $4.55 million at the foreclosure sale.
DeHaven tells us he came prepared to bid only as high as $7 million.
The grass farm, about 11 miles west on Highway 10 from Chenal Parkway, helped make turf history.
The property provided a large plot of fertile ground for helping Winthrop Rockefeller propagate a new Arkansas crop, Meyer Z-52 zoysiagrass.
Former Little Rock insurance exec Frank Whitbeck bought Winrock Grass Farm in 1979 and lost it after piling up millions in debt.
Whitbeck is set for trial March 11 on criminal charges that include allegations of diverting funds from his defunct Signature Life Insurance in an effort to shore up the grass farm's balance sheet.
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source: arkansasbusiness.com
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