The Navy’s online auction for El Toro is getting a little like eBay, with the sale dragging on for days and bids coming in at the last minute.
After two parcels sold last week to Miami-based Lennar Corp., it seemed the auction would end quickly and be something of a disappointment for the Navy.
The Navy’s Web site was quiet Tuesday until about a half hour before the deadline of 3 p.m. A bid came in on one parcel at that time. Five minutes before the deadline, a bid came in on the second parcel.
The last two parcels make up the majority of the 3,700 acres for sale and include land zoned for housing.
Under auction rules, bidding is set to continue Wednesday.
Lennar, which has a regional headquarters in Aliso Viejo, lead bidding again Tuesday. When a competitor logs a bid online, Lennar immediately counters with a bid $10 million higher.
At mid afternoon, its two top bids totaled $464.5 million. Lennar agreed to pay $185 million for the two parcels it bid on last week.
