Back in November, a vigorous bidding war broke out at a state land auction between two Valley hospitals for 48 acres of north Scottsdale land. 

Phoenix-based Banner Health had been working with the city of Scottsdale earlier in the year on entitlements for the land before it went for auction on Nov. 16. But HonorHealth also brought its auction paddle to compete for the land. 

The $56.95 million minimum bid ratcheted up to $84 million, with HonorHealth walking away the winner of the land at the northeast corner of Loop 101 and Hayden Road.

When Banner CFO Dennis Laraway finally conceded the auction, he was heard saying to another staffer, "That's OK, there's more land."

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By Ron Davis - Reporter, Phoenix Business Journal