In a significant transaction, a sprawling 27-acre vacant parcel in a prime location of Paradise Valley changed hands on April 19, fetching a substantial sum of $42 million, as per public records. The sale marks a remarkable 600% increase from its previous sale of $6 million in 1997. However, it falls short of its listed price of $55 million, reflecting the sellers’ priority of preserving the land’s heritage over maximizing profit.
The parcel, recognized as the largest undeveloped land plot in Paradise Valley, carries a rich history tied to the estate of the late John Teets, former CEO of Dial Corp. and Greyhound Corp., who acquired the land years ago. Realtor Joan Levinson, representing Teets’ estate, emphasized the importance placed on maintaining the land’s integrity and legacy, leading to the rejection of multiple higher-priced offers in favor of a buyer willing to commit to deed restrictions.
These restrictions, outlined by Levinson, mandate a minimum lot size of 1.8 acres per division, ensuring low-density development and preserving the area’s exclusivity. The buyer, whose identity remains undisclosed, is bound by terms preventing site work for a year and above-ground construction for two years, as stipulated by the Teets family.
Realtors Natalia Ashley and Robin Orscheln of RO Luxury Group facilitated the purchase on behalf of the buyer, whose commitment to preserving Paradise Valley’s standards resonated with the Teets family’s vision. The sale, managed by WFG National Title Insurance Co., signals a pivotal moment in Paradise Valley’s real estate landscape, balancing development interests with heritage conservation.
Despite the property’s zoning allowing for various subdivision possibilities, including up to 21 one-acre lots, 13 two-acre lots, or six four-acre lots, the Teets family prioritized a buyer aligned with their values of responsible stewardship.
