Cash buyer snags Paradise Valley lot for highest price paid in Arizona this year

A 4.75-acre lot in a highly sought-after area of Paradise Valley sold for $14.3 million in cash.

Joan Levinson, the Realtor with Realty One Group who sold the parcel, said the lot was sold as land value, which means the purchase price is based on the location, size and development potential of the lot.

The existing nine-bedroom home that was built on the lot in 1952 most likely will be razed to make room for a new dwelling, she said.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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