New reports shed light on nearly $1 billion in land purchases by a mysterious company near a California Air Force base that raised national security concerns.

Since 2018, a group called “Flannery Associates” invested more than $800 million on almost 54,000 acres of agriculture-zoned land surrounding the Travis Air Force base in Solano County, California, public records show.

Despite early speculation China was behind the purchases — amid concerns that companies with ties to China have been ramping up efforts to buy American farmland — legal representation for Flannery has maintained the group is controlled by U.S. citizens, with 97% of its capital coming from U.S.-based investors.

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However, after eight months of investigation, federal officials were not able to confirm or deny this to be true, and were not able to determine exactly who was backing the company.

Now, reports from The New York Times and San Francisco Chronicle reveal Flannery is comprised of a group of ultra-wealthy Silicon Valley investors acquiring vast parcels of land northeast of San Francisco with the mission to build a new California city “from scratch.”

Continue here: yahoo