Weak ass Dollar

Valley home sells for $14 million

Canadian pays record amount for Paradise Valley mansion

Catherine Reagor
The Arizona Republic
Mar. 18, 2008 12:00 AM
A 10,000-square-foot mansion on 5 prime acres along the slope of Paradise Valley's Mummy Mountain has been snapped up for a record $14 million by a Canadian attorney.

Jeffrey Slopen of Ontario, Canada, paid cash for the contemporary-style home built in 1999 out of block and steel. The home, designed by Phoenix urban architect John Chonka, sold for $7.7 million in 2005 when Valley real-estate executive and land broker Phil Deangelis bought it through the partnership Arizona Mohave.

The home, which has been renovated since its last sale, wasn't even on the market, said Bob Hassett of Russ Lyon Realty, who negotiated the recent deal for the seller and had the listing back in 2005.

The $14 million sale closed in two weeks.

The previous record price for an Arizona home was set in 2005 when venture capitalist Kent Mueller paid $11.4 million for a new 13,600-square-foot house in Paradise Valley

It only cost him $14 million Canadian.

No, actually it cost him $14,000,000 Amercian which is $13,913,189.01 in Canadian currency. Not a tremendous profit, but not bad considering it's off the top!

True, but it is an example of foreign investment coming into the country.... thats why we are seeing a "tourist boom" in New York and other destinations.... thats the upside of a weak ass dollar.....

This is a great country in the fact no matter what the economy is doing, what is going up or down, some one's getting rich...