SiliconBeat

We noticed last week in Palm’s earnings release that the company had a one-time gain of $4.4 million from the sale of land. Who knew Palm (ticker:PALM) was in the real estate biz? This made us curious.

And so today, we get the official 10-Q filing from Palm which contains a bit more color on the sale. The land in question is 39 acres located at the corner of North First Street and Highway 237 in San Jose, CA. Palm apparently purchased the land back in 1996 hoping to build a new headquarters. But that was like 10 lifetimes ago in Silicon Valley years.

The company began shopping the land back in 2005, found a buyer in 2006, but just closed the deal in June 2007. Hunter Properties paid $66 million for the property, of which $64.5 million found its way to Palm. We guess the other $1.5 million went to the broker or fees. (Docu-Drama is in the wrong business!). According to a press release from Hunter back in July, the property sold for $1.69 million per acre. Is that a lot?

And now, Hunter plans to build hotels, office space, and retail there. And who can ever have enough of those?