Arizona Cardinals owner sells Paradise Valley mansion at a loss
Michael Bidwill sold property for $5.3M two months after listing for $5.8M
UPDATED, January 10, 2023, 1:45 p.m.
Two months ahead of hosting the 2023 Super Bowl, Arizona Cardinals owner Michael Bidwill sold his mansion in Paradise Valley for $5.3 million.
Bidwill sold the property two months after listing it for $5.8 million, the Wall Street Journal reported. The outlet reported the buyer is the Post Estes trust.
Joan Levinson of Realty One Group had the listing, and Anthony Nicholas of Russ Lyon Sotheby’s International Realty brought the buyer.
Bidwill’s family has owned the NFL’s Cardinals team since his grandfather, Al Capone associate and Chicago lawyer Charles Bidwill, bought the team in 1933. Charles Bidwill built his fortune via “sometimes extra-legal” enterprises, and was involved with Capone’s horse racing track Sportsman’s Park, Phoenix Magazine reported.
Michael Bidwill inherited his chairman role at the Cardinals from his father, Bill Bidwill. Prior to joining the team, Michael Bidwill worked as a federal prosecutor in Phoenix.
Bidwill bought the Paradise Valley property for $4.4 million in 2007, according to records. Built in 2003 on 1.3 acres, the property includes an 8,500-square-foot four-bedroom mansion, a two-bedroom guest house, and a pool with views of the surrounding Mummy, Camelback, and Phoenix Mountains, the listing shows. The main house includes a 1,800 bottle wine cellar, a movie theater, and an exercise room, according to the listing.
Paradise Valley, a wealthy enclave outside of Phoenix, has been a favorite area for high net worth buyers during Arizona’s pandemic real estate boom. In April, a mansion sold for $21 million, setting a record for the tony suburb.
In June, a credit card company founder listed an unbuilt spec mansion in Scottsdale for $32 million, making it the most expensive residential property on the market in the state.
After two years of boom times, Arizona’s luxury market is cooling off. Price growth for the area sat at 6.1 percent year-over-year as of November, and 56.9 percent of sales closed below the listing price, according to Zillow.
Correction: A previous version of this story misstated Bidwill bought the property for $7.5 million and took a loss on the asset, but he in fact sold it for more than a million from what he paid in 2007.
— Kate Hinsche