Irvine-based developer SunCal Cos. has upped its ante for 57,000 acres of historical, contentious New Mexico land with an eye toward building homes there.
Albuquerque-based Westland Development Co., which owns the land dating back to the 1692 Atrisco Land Grant from the king of Spain, said this week SunCal has offered $250 million for the company.
Buying Westland, which is owned by heirs of the area’s original settlers, would allow SunCal to pursue development of homes in the area along the banks of the Rio Grande.
The land also sits atop oil reserves. Rights to oil and gas leases and some mineral rights would go to a new company, Atrisco Oil & Gas LLC, owned by current Westland shareholders.
Westland deemed the SunCal offer “superior” to a offer from Nevada’s Sedora Holdings, which has jockeyed with SunCal in bidding for the land.
Last month, Sedora bid $242 million for Westland. Sedora has until July 17 to match SunCal’s latest offer.
The sale of the land has been contentious. Some shareholders oppose a sale, saying it defies the intention of the original land grant. Others see it benefiting the area, which is among the poorest in New Mexico.
Two-thirds of Westland’s shareholders must approved any sale in order for it to go through.
