Paradise doesn’t come cheap.
An 18,500-square-foot mansion in Paradise Valley, Arizona — in the state’s wealthiest zip code — sold for a record $23.5 million, Reported by Azcentral.com.
Phanto chief executive Daniel Morrison sold the property through a limited liability company to Go Citrus 1, another limited liability company. Joan Levinson of Realty One Group has listed it for sale.
Developed by Taser Chair Phillios Smith in 2009, the luxury residence has two libraries, a theatre, a gym, a piano room, a 900-bottle wine room and two bars, according to the store. The house also has a four car garage and a car showroom with an antique gas pump.
The 5-acre grounds include two swimming pools, a guest house, and palm and orange trees.
Paradise Valley’s previous home sales record was $21 million, scheduled for 2022The 13,000-square-foot home sits on 4.3 acres at 6015 East Cameldale Way and is asking $22.5 million when it hits the market in spring 2021.
Both sales pale in comparison to the $75 million asking price for the still-under-construction Palo Cristi Estate from Cullum Homes and Wow Luxury Properties.
The 33,000-square-foot main residence will have seven bedrooms, two spa locker rooms, four kitchens, four wet bars, a two-story office/library, casino room, two bowling lanes, a movie theater/virtual world room, home gym, recording studio, collectors gallery, two-story aquarium, ice cream bar, and spa with sauna, snow room, two massage rooms, and vitality pool.
Paradise Valley also remains an ideal location for continued development.
Five Star Development secured a $585 million loan from Madison Real Estate Capital last week to complete a Oft-delayed $2 billion resort, residential, restaurant and retail development In an affluent enclave.
The loan will be used to complete construction of The Ritz-Carlton Resort and Residences – a 215-room Ritz-Carlton resort surrounded by 80 single-story villas and 32 single-family homes in Palmeraie The development occupies the 122-acre Ritz-Carlton Paradise Valley.
— Ted Glazer
