The U.S. Navy is selling more than 2,000 acres of land on the coast of Puerto Rico in an online auction that began yesterday, the AP reports.The land, a former naval base, closed in 2004. The Navy tried to sell the parcel in 2008, but canceled the auction after failing to receive qualified bids, the AP says.
The parcel is being sold in two separate sections, a 500-acre plot with a minimum bid of $10 million and a 1,500-acre plot with a minimum bid of $30 million.
Known as Roosevelt Roads, the land already has more than 800 existing residential homes and a number of other buildings; it’s an ideal investment for a development group, according to the website advertising the sale.
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