Home in Arizona’s richest town sells for record $21M

Out-of-state buyers converge on Phoenix suburb Paradise Valley, where prices have doubled since 2019

National Weekend Edition /
Apr.April 24, 2022 09:00 AM
6015 East Cameldale Way (Zillow, iStock)

6015 East Cameldale Way (Zillow, iStock)

A four-bedroom home in Paradise Valley, Arizona, sold for $21 million, a record sum for the Phoenix suburb, which boasts the state’s wealthiest ZIP code.

The 13,000-square-foot home, which sits on 4.3 acres at 6015 East Cameldale Way, was asking $22.5 million when it hit the market last spring, the Wall Street Journal reported.

Nancy Hanley Eriksson, who sold the home, built it over a decade ago with her late husband, Lee Hanley, the former CEO of Phoenix-based shopping center developer Vestar. Hanley died in 2012. The buyer has not been revealed.

The Mediterranean-style home, with views of Mummy and Camelback mountains, features a wine room and a wood-paneled library. Besides the main house, the property contains a one-bedroom “casita” and a two-bedroom guest house, according to the Journal, as well as a swimming pool and outdoor lounge areas.

A recent influx of out-of-state buyers has heightened demand for luxury homes in Paradise Valley, which has a median household income of more than $200,000, according to Census Bureau data. The median listing price for a home in the affluent enclave has doubled in the last three years to $5 million, the Journal reported in February.

The listing agents on this month’s record-setting sale, Walt Danley and Catherine Jacobson, with a local Christie’s International affiliate, told the Journal they also sold the town’s previous record-holder: a neighboring property which went for $20.9 million in 2020.

Their latest record could be short-lived: A half a mile away, the town’s most expensive listing is a 16,844-square-foot, six-bedroom home at 5953 North Yucca Road asking $24 million, down from the $33.7 million its owners initially sought in February, according to Zillow. Katrina Barrett with Local Board Real Estate has the listing.

[WSJ] — Victoria Pruitt





    Related Articles

    arrow_forward_ios
    Darien First Selectman Monica McNally and Great Island in Darien, Connecticut (Darien Republicans, Google Maps)
    Fairfield County town nears private island purchase for over $100M
    Fairfield County town nears private island purchase for over $100M
    From left: Oaktree Capital Management co-chairman Howard Mark; Helmut Lang; Hess CEO John Hess; and 8 Tyson Lane in East Hampton, Long Island (Getty Images, Oaktree Capital Management, Google Maps, Hess)
    Helmut Lang finally sells East Hampton estate
    Helmut Lang finally sells East Hampton estate
    25 North Moore Street (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Manhattan luxury market slumps back toward normal
    Manhattan luxury market slumps back toward normal
    Johnson & Johnson's James Burke with 35 Potato Road/543 Daniel’s Lane (Johnson & Johnson, Realtor)
    Sagaponack waterfront estate sells for almost $48M
    Sagaponack waterfront estate sells for almost $48M
    100 Eleventh Avenue (iStock, Rhododendrites/CC BY-SA 4.0, via Wikimedia Commons, Illustration by Kevin Cifuentes for The Real Deal)
    Lower-end listings dominate Manhattan’s luxury deals
    Lower-end listings dominate Manhattan’s luxury deals
    Doctor Tom Frist with 1304 Chickering Road (Eagledj CC BY-SA 4.0 via Wikimedia Commons, Redfin, iStock)
    Nashville mansion asks $50M, highest in Tennessee history
    Nashville mansion asks $50M, highest in Tennessee history
    Famed Architect Thierry Despont and 320 Majors Path in Southampton NY (Getty Images, iStock, Sotheby’s International Realty)
    Famed architect lists Southampton estate for $23M
    Famed architect lists Southampton estate for $23M
    Tommy Hilfiger (left) and Steve Wynn (Getty Images, Photo-illustration by Paul Dilakian/The Real Deal)
    Sellers of luxury homes gain from South Florida’s flipping frenzy
    Sellers of luxury homes gain from South Florida’s flipping frenzy
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...