Paradise Valley estate sells for $21M, up $7M from less than 2 years ago
Aug 15, 2023, 4:25 AM
PHOENIX – A Paradise Valley estate recently sold for $21 million, a staggering 50% jump from when the property changed hands less than two years ago, according to online listings.
The luxurious home near Jackrabbit and Wilkinson roads previously sold for $14 million in November 2021, two months after it was listed for just under $15.6 million, according to Realtor.com.
No information was available about why the price tag soared by $7 million for a deal that closed July 24 or how long the property had been on the market this time. Real estate websites like Realtor.com and Zillow don’t show a listing date or price prior to last month’s sale.
The 2021 buyer was Jorva Partners B LP, an entity that was traced to Michael Staines Jr., president of Staines Financial LLC, the Phoenix Business Journal reported.
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The new owner is Desert Canyon Estates LLC, which has a Northern California mailing address, according to Maricopa County Assessor’s Office records.
How big is the Paradise Valley estate that sold for $21 million?
The gated estate has about 16,600 square feet of living space and was built on 2.24 acres in 2012.
According to listing information from the 2021 sale, the home has six bedrooms, 11 bathrooms, a wet bar, home gym and family room that opens to an outdoor living room.
The listing also showed the property with a pool, full sport court, two inset trampolines, multiple patios and seven garage spaces.
Paradise Valley is famous for its multimillion-dollar homes
Paradise Valley, an enclave surrounded by Phoenix and Scottsdale, is known for its exorbitant residential real estate market.
In an example from earlier this year, a 18,575-square-foot Paradise Valley estate near Mockingbird Lane and 56th Street sold in April for a whopping $23.5 million.
According to Realtor.com, the median listing price for homes in the state’s wealthiest community is $4.7 million.
