Landowner Jim Anthony, however, says the $12 million is low because his total investment in the tract to date is $12.3 million. He says he never received a formal purchase offer from the state or even a deal to settle the six-month-old dispute.

North Carolina is seizing his land under eminent domain law. The dispute could wind up in court, real estate lawyers familiar with similar transactions tell GlobeSt.com.

Anthony paid Sterling Corp. $6.3 million for the land, outbidding several others. The state's bid of $5.5 million was the third highest. Anthony says preliminary improvements worth another $6 million have been made to roads and bridges on the property.

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