Foreign Property News | Posted by Zarni Kyaw
The five-acre estate features Camelback Mountain views and an indoor basketball court Robert Sarver, owner of the NBA team Phoenix Suns and the Spanish football team Real Club Deportivo Mallorca, has just sold his five-acre private estate in Paradise Valley, Arizona, for $19.25 million, the highest residential sale ever recorded in the state.
Mr. Sarver, who is also the founder of the National Bank of Arizona and executive director of Southwest Value Partners, a San Diego, California-based real estate investment firm, purchased the lot in 2007 for an undisclosed amount, according to property records.
The main house, spanning 18,000 square feet with five bedrooms, and a two-bedroom guest house were both built in 2009, the records show.
The property, held under a trust bearing the names of Mr. Sarver, 58, and his wife, Penny Sanders Sarver, had been quietly on the market for $25 million.
The sale, which closed on Monday for $19.25 million, marks the highest residential sale across Arizona, according to agents involved and the Multiple Listing Service.
The previous title belonged to a home in north Scottsdale, selling for $18.8 million in March 2018.
Chris Karas of Launch Real Estate represented Mr. Sarver, while Walt Danley and Catherine Jacobson of Walt Danley Christie's International Real Estate represented the buyer.
Mr. Danley declined to disclose the identity of the buyer, only pointing out that they are a local family.
“They are mainly attracted by the spectacular Camelback Mountain views, the privacy the large, gated estate offers, plus the indoor basketball court,” he said.
The record-setting sale reflects the strong demand for quality, luxury homes in Arizona, Mr. Karas said. So far this year, four homes were sold for above $10 million, and 40 homes for above $5 million, according to Mr. Karas.
Mr. Sarver, who could not immediately be reached for comment, bought the Phoenix Suns in 2004 for $401 million, a record at the time. He bought a majority stake in the football team Real Club Deportivo Mallorca for €20 million in 2016.
Ref: Property Report
