Scottsdale mansion being sold at 85 percent off

by KTAR.com (February 7th, 2012 @ 5:21pm)

A Scottsdale mansion once being sold for $35 million now has an asking price of a modest $5 million.

According to Forbes, the Happy Valley Estate is being auctioned off this Saturday and bids will start at $5 million.

The property has not dropped in value because of foreclosure or not being taken care of -- the home has been seeking a buyer for four years.

In all, the 19.2-acre property boasts 27,000-square-feet of "resort living", including the 10,000-square-foot main house and two, 1,000-sqaure-foot guest homes. The property also has an indoor tennis court, a mother-of-pearl pool and a nine-car garage.

The floors of the main house are from the same quarry where Michelangelo got his marble.

The taxes on the home are only about $20,000 per year.

Buyers who are interested in the home must preregister for the auction with the hosting company, Concierge Auctions.


Last 5 Comments

  • Reply Abuse Vote
    Key phrase
    Jim Sanson
    Will Start At. Also I see most of AZ pricing is like 60% less than boom pricing.
  • Reply Abuse Vote
    Only five million ?
    Larry in Glendale
    Well heck I'll take three.
  • Reply Abuse Vote
    True value?
    Dogeye
    You mean a huge home is actually being sold for what it's worth? Shocking. This is the garbage that got a bunch of people in trouble in the first place. I came to AZ in 1999 and refused to buy a home because of the outrageous prices. I'm currently debt free and comfortable. I didn't need a bank to tell me what I could and couldn't afford... it was simple math. Now everyone is trying to bail out on all the 'great' deals they got years ago when the market was artificially inflated... and are shocked at the true value of these houses.
  • Reply Abuse Vote
    Well if you're in the market
    Sam47Az
    for a luxury home of that size, $5 million is a decent price. It would cost more than that to build it. How much more more it's worth depends on what kind of finishes and craftsmanship, condition, etc. The marble floors sound nice, but marble is marble. It's all cold, hard and shiny.
  • Reply Abuse Vote
    OH! I'm Sure
    Japricka_Joe
    I'm sure that the bidders will be there by the thousands with the jobs and the pays we have here in Arizona. I'm sure it will sell quickly and more than likely CASH will be forked over in a heartbeat too to pay for it. Should be like a Black Friday up there the night before with potential buyers camping out to be first on line to place there bids (rotflmao)
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