A desert site in Arizona sold for $32.5 million this week, five years after the California Public Employees’ Retirement System paid $400 million for the land. “Of all the speculative deals I’ve seen here, this was right at the top,” McDonnell said. Calpers had investments valued at $209.7 million in MW Housing Partners III June 30, 2007. The next year, the investment had a negative market value of $102.9 million.