According to records filed with the Maricopa County Assessor's Office, Dan Morrison, a tech entrepreneur, paid $10.5 million cash for a Paradise Valley luxury mansion back in March 2012. He sold it in April 2012 for $23.5 millions in cash.
Joan Levinson, of Realty One Group, listed the house for $25 million in January and closed on the deal with all cash on April 14. This is unusual for homes at this price range to be sold so quickly.
She said that it was the most expensive home ever sold in Paradise Valley.
Levinson refused to identify the seller (M56 Place LLC) or the buyer (Go Citrus 1 Inc.), who are listed in public documents.
Morrison is the founder of The M56 Place LLC. He has been an entrepreneur for many years and founded several tech companies.
Morrison spent $4.5 million in 2015 to renovate this 18,575 square foot home. It is located on five acres of land within the Mummy Mountain Estates subdivision of Paradise Valley.
Levinson stated that Phillips Smith was the founder board member of Taser International Inc. at the time. He had originally ordered the home to be built in 2009. He retired from Axon Enterprise, Inc. (now rebranded) in April 2017, and died of cancer in April 2021.
The home boasts seven bedrooms, 10 bathrooms, and a 1,854 square foot guest house. It also features two swimming pools, leather-floored libraries, a mahogany theatre with a ticket booth, and a garage that can accommodate more than 30 vehicles.
Levinson stated that the original owner of the ticket booth built it.
Take a look at the photos below to get a glimpse of the house:
She said that five vintage gas pumps from the garage show were included in sale.
The 75-foot long lap pool is completely covered by a roof.
Levinson says that the luxury market is so hot in Paradise Valley right now, she's having trouble finding houses for all those who want to move from out-of-state.
She said, "My biggest problem is a lack of inventory."
She said, "But I have customers." We just don't know where to put them.
In the last week, she also closed on a luxury home worth $10.5 million located in Paradise Valley.
The 10,506 square foot home, built in 2013, was renovated and upgraded in 2019 and in 2020.
Recently sold Paradise Valley properties
Julie Rohr, Libby Cohen and Roco Luxury Homes of Retsy have sold a Paradise Valley home at 5320 N. Casa Blanca Drive in Phoenix for $8.2 Million last week. They had previously negotiated a $7 million sale to be made in March 2021 as well as a $6.9M sale to be made in August 2021.
Jonathan Leaman of America One Luxury Real Estate and Hayley jamison sold an 8,8-million-dollar home with 7,319 square feet at 8311 North 53rd Street.
The luxury home sales are occurring at a time that developers plan to build new homes in Paradise Valley. These include an ultra-luxurious estate of 40,000 square feet listed at $75 million and Silver Sky, which is a luxury enclave consisting of 12 homes priced at starting at $11million.
Andrew Turley of Phoenix Valuations, President, says there's still plenty of space for development with 54 parcels of vacant land listed on the Arizona Regional Multiple Listing Service, which are either under contract or active.