Paradise Valley mansion sells for area record $23.5M

Phanto CEO Daniel Morrison sold the property through an LLC to another LLC, Go Citrus 1. Joan Levinson of Realty One Group had the listing. 

The luxe home — which was developed in 2009 by Taser Chair Phillios Smith  — has two libraries, a theater, a gym, a piano room, a 900-bottle wine room and two bars, according to the outlet. The home also has four garages with a car showroom that has antique gas pumps.

The 5-acre grounds include two swimming pools, a guest house, and palm and orange trees.

The previous record for a residential sale in Paradise Valley was $21 million, set in 2022. The 13,000-square-foot home, which sits on 4.3 acres at 6015 East Cameldale Way, was asking $22.5 million when it hit the market in spring 2021.

Both of those sales pale in comparison to what Cullum Homes and Wow Luxury Properties are asking — $75 million — for Palo Cristi Estate, which is still under construction. 

The 33,000-square-foot main mansion will have seven bedrooms, two spa locker rooms, four kitchens, four wet bars, a two-story office/library, casino room, two bowling lanes, a movie theater/metaverse room, home gym, recording studio, collector’s gallery, two story aquarium, an ice cream bar, and a spa with a sauna, snow room, two massage rooms and vitality pools.

Paradise Valley is also still a desirable place to continue development. 

Five Star Development last week received a $585 million loan from Madison Realty Capital to complete an oft-delayed $2 billion resort, residential, dining and retail development in the wealthy enclave. 

The loan will be used to finish construction of the Ritz Carlton Resort and Residences — a 215-room Ritz-Carlton resort surrounded by 80 single-level villas, and 32 single-family homes at the 122-acre Ritz Carlton Paradise Valley, Palmeraie development.

— Ted Glanzer