Business Services Industry
Home Builder Buys 486-Acre Site in Las Vegas Area.
Knight Ridder/Tribune Business News, June, 2001
By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Jun. 8--KB Home has completed its purchase of the 486-acre Iron Mountain Ranch in northwest Las Vegas Valley for $31.5 million and will start building homes within the next couple of months, a company executive said Thursday.
The land was sold through bankruptcy court after Terry Manley, owner of Champion Homes and developer of the ranch, filed for Chapter 11 bankruptcy in December 1999.
A bankruptcy court judge last year approved the sale of the land to KB Home, formerly Kaufman & Broad, but the deal appeared to be in jeopardy when investors entertained higher offers from other builders, including Pulte Homes.
"Iron Mountain had already formed an LLC...
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