If there’s gold in the Scottsdale hills, a buyer with $2.79 million can purchase a mine to go find it.
That’s the reduced price for the 117-acre Gold Hill mine on the edge of Tonto National Forest. In 2010, the site that is said to have hundreds of thousands of tons of gold was listed for $43 million.
Tour a 117-acre property with a gold mine from the air
The historic mine is the largest piece of vacant land available in Scottsdale, according to listing agent Preston Westmoreland with Russ Lyon Sotheby's International Realty.
Westmoreland said the mine was discovered in 1874 and mined until the 1930s. Canada firm Sage Gold did a deal to drill at the site in 2007 but stopped mining there in 2009.
Westmoreland said there could be as much as $60 million in gold left in the mine. That’s based on mining reports estimating there are 375,000 tons of gold ore left in Gold Hill. Currently gold is selling for about $1,300 an ounce.
The mine has tunnels that rise as high as 30 stories in the desert mountain. A buyer gets all the mineral rights as well as the land.
Thomas Roskos of Wisconsin paid $638,000 for the site in 1996, according to public real estate records.
Gold Hill is about a mile north of exclusive Desert Mountain with its million-dollar homes and Jack Nicklaus-designed golf courses.