Sales talk.Remember when heirs of real estate mogul Justin Matthews decided to sell more than 2,000 undeveloped acres in Sherwood and north Pulaski County 18 months ago? A local investment group ended up acquiring the land for about $8.3 million in what amounted to a stock purchase of a company that owned the land. We came across an interesting anecdote regarding that deal. It turns out that at least two other parties were interested in buying the land. We're told a Texas investment group was willing to shell out $10.3 million. We're also told that Russ McDonough of Little Rock's Winrock Development Co. expressed a $10 million interest in the property. In a mixed vote, a majority of the fractious heirs opted to go with Sherwood Land Co.'s $8.3 million offer. Sales of four tracts, totaling more than $11.6 million, indicate $8.3 million was a bargain price for the buyers. Why settle for less? That's a $2 million question in need of a good answer |
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