Land Sale of The Century

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Fort DeRussy. Most of this military installation, which occupies 72 acres in Honolulu, will remain in Government hands. But the 17 acres that are for sale constitute one of the last bits of open space along Waikiki Beach, where high-rise hotels and condominiums have sprouted like goldenrod along a highway. Back in 1905, the military bought the entire 72-acre tract for $200,000. David Stockman, the President's Director of the Office of Management and Budget, values the parcel today at upwards of $220 million. There is one drawback for potential buyers: the beachfront property is not zoned for development, and many Hawaiians would like to keep it that way.

Union Village Dam. Five miles north of where Vermont's Ompompanoosuc River empties into the Connecticut, the dam was completed by the U.S. Army Corps of Engineers in 1950 to control flooding. The dam itself will remain in federal hands, but 259 acres of surrounding land, most of it steeply sloped and heavily forested, are for sale. The site, which is not very accessible, is now used by hikers, hunters and fishermen. But its covering of pine trees might prove attractive to loggers, and this could push its price to $100,000.

Keyhole Unit. When the Bureau of Reclamation constructed the Keyhole Reservoir in 1952, it acquired a large amount of land near eastern Wyoming's Belle Fourche River. Now the bureau proposes to sell off 280 acres, most of it in scattered parcels near, not directly abutting, the reservoir. Dry and covered with sagebrush, the land might interest cattlemen looking for grazing areas, especially if it can be acquired at a bargain price. Property in the area is currently fetching $125 to $225 per acre.

Westover Air Force Base. The only place in the East north of Cape Canaveral with a runway capable of handling the space shuttle, this western Massachusetts facility has been doled out a parcel at a time since the Strategic Air Command left it in 1974. The base golf course was given to the neighboring town of Ludlow; an electric utility consortium purchased the vaults once used to store nuclear warheads. A private developer is currently converting onetime servicemen's residences into one, two-and three-bedroom units that will sell for $25,000 to $35,000. Now the base hospital and 45 adjacent acres are up for sale. The property is valued in the range of $340,000.

Bald Mountain Lookout. Located above the timberline atop a 6,000-ft. peak in eastern Oregon, this five-acre site was once an observation point for rangers trying to spot forest fires. It is too small to interest developers, but its remoteness and breathtaking views will charm fugitives from city life. Land in the area is going for $300 to $500 per acre.