$9.5M Biltmore Estates mansion sale shatters previous record

Spanning nearly 15,000 square feet, a Biltmore Estates mansion sold for a record-breaking $10 million.

BY ANGELA GONZALES/PHOENIX BUSINESS JOURNAL

Sep 13, 2025, 6:00 AM

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A 14,554-square-foot mansion within the Biltmore Estates closed for $9.5 million in cash, representing the highest priced home sale in the history of that exclusive community near the Arizona Biltmore Resort.

Frank Aazami, global real estate advisor with Russ Lyon Sotheby’s International Realty and listing agent for the property, broke his own record, which he set by selling a 17,819-square-foot Biltmore mansion next door for a record $7.9 million in cash last December.

While Aazami would not identify his client, public records show the $9.5 million estate was sold by the Elisa Stephens Revocable Trust, which traces to the family that operates the Academy of Art University in San Francisco.

Closing on Sept. 4, the sellers of that $9.5 million estate at 40 Biltmore Estates Drive were represented by Aazami and Dinesh Wilson, also of Russ Lyon Sotheby’s.

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