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Toll Scorched in Arizona

Stock quotes in this article: TOL , MTH , SPG  

One of the biggest residential development projects in Arizona history is quietly turning into a major bust.

The question now is whether the big homebuilders involved in the deal -- Toll Brothers(TOL Quote) and Meritage Homes(MTH Quote) -- are properly marking down their land investments in the much-heralded venture.

In early 2006, the two high-end homebuilders partnered with the country's largest mall owner, Simon Property Group(SPG Quote), to pay $312 million for a 5,485-acre parcel of land northwest of Phoenix in the city of Surprise, Ariz. ...

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