The Bureau of Land Management Should Follow Fair Market Value Requirements in Selling Land in Las Vegas, NV
RCED-84-127
Published: Mar 27, 1984. Publicly Released: Mar 27, 1984.
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Highlights
Pursuant to a congressional request, GAO evaluated procedures used by the Bureau of Land Management (BLM) to sell land in Las Vegas, Nevada, to determine whether BLM complied with federal requirements that land be sold for no less than its fair market value. Fair market value is defined as the price for which a property would be sold by an informed owner willing, but not obligated, to sell to an informed buyer willing, but not obligated, to buy.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Bureau of Land Management | The Secretary of the Interior should direct BLM to sell land in Las Vegas, Nevada, in accordance with federal fair market value requirements. This would not preclude BLM from changing its regulations in the future as provided by the Santini-Burton Act. |
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
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Topics
AppraisalsAppropriated fundsFair market valueProperty disposalReal estate salesReal property acquisitionStatutory lawReal propertyNatural resources conservationLand management