Festival Ranch sold for $30M

BM3 Holdings LLC paid $30 million for the 7,042-acre Festival Ranch in the far West Valley, marking the Phoenix area’s largest land deal since 2008. Scottsdale brokerage Land Advisors Organization announced the sale of the master-planned community by 10,000 West LLC, an entity previously been controlled by the Lyle Anderson Co., Tuesday. According to records at the Arizona Corporation Commission, BM3 was registered Oct. 12 by member Tsann Li Ni, a Scottsdale resident. Those records indicate he is the only member who "owns a 20 percent or greater interest in the capital or profits of the company."

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