Steve Ellman buys 1,860 acres in Goodyear

Valley developer Steve Ellman bought 1,860 acres in Goodyear, picking up a multimillion-debt for infrastructure that the seller could not pay.

Ellman, who developed Westgate City Center in Glendale, would not disclose the sales price for the property, which is zoned for homes.

The Goodyear City Council recently said it would pay the King Ranch developer’s portion of its obligations for the Cotton Lane bridge and road expansion. The city expected to be paid back with interest and stipulated the debt would follow the property if it were sold.

Ellman recently bought 1,275 acres in Fountain Hills and 2,400 acres in Goldfield Ranch which is east of Fountain Hills.

August 1, 2007 by Realtor John Wake

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John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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