RealGM

Phoenix Suns owner Robert Sarver has set a record away from the world of basketball by selling his Paradise Valley house for $19.25 million.

The sale, announced Monday, is the highest price ever paid in Arizona for a single-family home.

The home, at 5710 N Yucca Road,sits on 5 acres near Camelback Mountain. The total square footage comes in over 28,000, with the main house having five bedrooms and 18,000 square feet. The house is listed by the Maricopa County Assessor as being owned by a trust in the names of Robert Sarver and Penny Sanders.

According to Chris Karas, whose Karas Group represented Sarver, the house includes a master retreat with a sitting room, his and hers closets, a salon and spa. The home also includes plenty of room for indoor and outdoor entertaining.

Karas said the sale is an example of the what has become a high-performing luxury market in the region, where homes listed for more than $10 million are seeing much more interest.

"I have never seen the volume in the $10 million-plus price point ever," he said. "There has been four sales so far this year, which is a record and I have been the only Realtor to have sold two of the four sales over $10 million this year. The demand is now in Arizona."

Karas also noted there have been 40 sales of homes over $5 million so far this year, with another 10 ready to close. Demand is split with about half coming from local buyers and the other half from out-of-state buyers from various places, particularly Western states.

Walt Danley and Catherine Jacobson of Walt Danley Christie's International Real Estate represented the buyer, who they declined to name.


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Sarver made his money in banking, starting out founding the National Bank of Tucson, and through a series of sales and mergers he became chairman, president and CEO of Western Alliance Bankcorp. (NYSE: WAL), which has its headquarters in Phoenix.

Sarver bought the Suns in 2004.

The record bests an $18.8 million north Scottsdale home sale in March 2018. That sale had marked a string of sales that had seen records set for several months in a row. At the time, it broke the record of a $17.5 million home sold in the Silverleaf development earlier that same month, which shattered the prior record of $15.6 million for a Paradise Valley home bought by Microchip Technology Inc. CEO Steve Sanghi.

Moochthemonkey wrote:

Biff wrote:Guy who bought it is some dude named Vincent George Abel or maybe Michael Abel. Never heard of either of them and they're probably not the one buying the team from Sarver, if he is in fact selling it.

GoranTragic wrote:

Biff wrote:Guy who bought it is some dude named Vincent George Abel or maybe Michael Abel. Never heard of either of them and they're probably not the one buying the team from Sarver, if he is in fact selling it.

Maybe he is selling because the market has reached peak value.