HonorHealth outbids Banner Health in Valley land auction - Phoenix Business Journal

A vigorous bidding war kept a standing room only crowd on their toes on Wednesday as two nonprofit hospital systems battled for a 48-acre parcel of Arizona land.

, ratcheting up the price of the land that started at a minimum bid of $56.95 million all the way up to $84 million. The live auction was held Nov. 16 at the Arizona State Land Department offices in downtown Phoenix. Going any higher than that just wouldn't make the numbers work, Laraway told the Phoenix Business Journal after the auction.After signing the necessary documents, LaPorte told the Business Journal that he's not so sure there's a need for another hospital campus on that parcel, considering Mayo Clinic Hospital and HonorHealth Scottsdale Thompson Peak Medical Center are nearby.

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