Gilbert paid millions too much for land, appraisal says

An independent appraisal has confirmed what land experts told The Arizona Republic months ago: Gilbert overpaid by millions for undeveloped farmland it bought two years ago for future parks. The February 2009 purchase was made without an appraisal and generated criticism from local real-estate experts, who criticized the $300,000-per-acre price as "out of tune" with market conditions. But town officials so far have declined to apologize to angry residents, and Town Manager Collin DeWitt insisted the deviation from market value was within an "acceptable" range. "There is no denial that a higher price was paid for this land, but there is also recognition that the totality of this negotiation will benefit the town well past our memories of it," DeWitt said in a summary report.

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