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

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.

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[WSJ] — Victoria Pruitt