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.
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. 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. The historic mine is the largest piece of vacant land available in Scottsdale.
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.