[perihelions]

Could this be a stealth real estate investment? It seems to be one of the regions of farmland closest-ish to the urban Bay Area. That would parsimoniously explain why the LLC is paying multiples over market value, on what's currently zoned as mere agricultural land.

Three things the Bay Area has in plenty right right now: (0) people with too much money; (1) people looking to escape the Bay Area; (2) people spooked about macroeconomic conditions. The mystery LLC claims to be a "group of families... looking to diversify their portfolio from equities to real assets". Maybe that's simply what it is: a conspiracy of techies stashing their loot in real estate, with a very long-term horizon, betting on a Detroit-ization of the SFC area and a consequent real estate boom in the greater exurbs.

Why stealthy? To buy the land as cheap as possible. Maybe that's what those legal disputes are about: some landowners sussed out that the new buyers have a very high willingness-to-pay, and are trying aggressively to maximize their selling price.

[ehnto]

It would be a wild long play, but this is how rail companies purchased land as well. I say it in past tense, but Bright Rail is currently using that playbook right now elsewhere.

Buy the land, build the train connections, develop the land, sell or rent the now hopefully prime real eatate.