A 269-acre piece of land in north Phoenix is up for auction on Wednesday with proceeds benefiting Arizona public education.
According to the Arizona State Land Department, the property near 56th Street and Deer Valley Drive will be auctioned off at 11 a.m.
If sold, the property would bring in $54 million that would be placed in a permanent fund for Arizona's K-12 schools, administered by the Arizona State Treasurer. Officials say public education is by far the largest beneficiary of Trust land managed by the land department.
According to the land department, the property includes 36 additional acres of right of way for public road and underground utilities. An additional $19 million is payable for Rawhide Wash Flood Control Improvements.
The auction is open to the public and will be located in the Arizona State Land Department auditorium. Upcoming auction information can be found here.