Eclectic Paradise Valley estate with million-dollar closet listed for $20M

Dec 27, 2023, 11:30 AM

PHOENIX – A Paradise Valley estate known for its eclectic interior design, million-dollar closet and award-winning garden was listed last month with a $20 million asking price.

The eight-bedroom, 10-bathroom estate recently was featured in the Wall Street Journal for its unique interior design approach.

The home was built on 2.2 acres on 59th Place south of Lincoln Drive in 2006 and was enlarged to over 16,000 square feet through years of renovations.

The property was cited as garden of the year by Phoenix Home + Garden in 2022.

What makes this Paradise Valley estate special?

The lush grounds are teeming with a variety of cactus and plants, a lemon arbor and a vegetable garden. Other outdoor amenities include a stone sink, dining ramada, multiple patios, pool and spa, sport court and playhouse.

Inside, the kitchen features handmade cabinetry and dual islands. The residence also has a family room with wet bar, game room, paneled library, winery, exercise room, theater and guest house.

All eight bedrooms have attached bathrooms. The master suite boasts separate bathrooms and a massive gold-leaf trimmed closet that cost more than $1 million to create, according to the listing.

Joan Levinson of Realty One Group is the listing agent.

Who are the owners and why are they selling?

The current owners, Tracy and Jeff Katz, purchased the residence for $9.2 million in 2013. Jeff Katz co-founded Mercury Payment Systems.

They are looking to downsize now that most of their five children are heading to college, according to the Wall Street Journal.

Tracy Katz went through three interior designers before connecting with Matthew Boland of Scottsdale’s MMB Studio, according to the Journal. They worked together for about five years before completing the work in 2021.

“It’s going to be really hard to let go,” Tracy Katz told the Journal. “When people see these types of estates, they expect everything to be very proper. But here, you feel very comfortable. You don’t worry about where to put your glass.”

Some of the furniture, furnishings and artwork may be available for purchase, according to the listing.

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Eclectic Paradise Valley estate with million-dollar closet listed for $20M