The Polaris dealership was among three business ventures the Palins explored; the others never took off. Palin's financial disclosure reports do not say how much if any money the Palins invested in the business ventures or real estate, or what if any profit they made on sales.

Sarah Palin formed a consulting business called "Rouge Cou" — French for redneck — but didn't pursue it.

The Palins teamed with another couple, Ray and Carolin Wells of Anchorage, to start a car wash in Anchorage, but it was never built. Carolin Wells described the Palins as silent partners she believes initially paid half the money to buy the land. Around the time Sarah Palin began considering a run for governor, the Palins reduced their stake to 40 percent.

Barely a year into the land ownership, the man lined up to operate the car wash backed out, and since neither couple wanted to run it, they decided to sell the land and move on, Carolin Wells said. She couldn't recall the purchase or sales prices of the land, but believes she and her husband made a modest profit and the Palins broke even.

The couples let their state paperwork lapse on the venture, Anchorage Car Wash LLC, resulting in a letter threatening to dissolve the corporation. The letterhead carried Gov. Palin's name on it.

The deal was among several involving undeveloped land the Palins have engaged in over the years.

The Palins purchased a parcel on Beaverhouse Lake in Big Lake in 2003 and sold it in 2004 for an undisclosed amount. The land has been assessed at $14,000 the past three years.

The Palins sold nearly five acres of undeveloped waterfront property on the northeast shore of Wasilla Lake in 2005 to a local developer. The sales price wasn't disclosed. The land now is subdivided into five parcels, with two waterfront lots, two others behind those, and a commercial lot. Duane Mathes, a local real estate agent showing the property for the owner who bought it from the Palins, said the leveled lots are listed for $149,500 each.

Salmon, who was mayor of the Matanuska-Susitna Borough that includes Wasilla while Palin was Wasilla mayor, recalled that as mayor, Sarah Palin shared many of his pro-development views, and said the Palins' land acquisitions weren't unusual.

"A lot of Alaskans own a lot of land," Salmon said, "and if you're bright, you buy land in the path of progress."

Sharon Theimer reported from Washington. Associated Press writer Rita Beamish in San Mateo, Calif., contributed to this report.