PHOENIX – An undeveloped 5-acre piece of land in Paradise Valley sold on Monday for $12.5 million, a record for a single-family residential lot in Arizona, according to the buyer’s agent.
The flat homesite at 5711 N. Yucca Road in Arizona’s wealthiest city offers views of Camelback Mountain and Mummy Mountain.
The buyer, who was identified only as someone who is locally based, paid cash and is expected to build a 50,000-square-foot home.
The seller owned the property, which is in the area of Paradise Valley known as Billionaire’s Row, for less than three years after buying it in March 2022 for $9.4 million.
The land went back on the market in September 2023, when it was listed at $15 million. The asking price was trimmed to just under $14 million in May of this year, and the property was delisted in August. It was then relisted at $13.5 million in September before selling this week for $1 million less.
“Rarely, if ever, do 5-acre lots come on the market in this neighborho …
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