The largest parcel of vacant land in Paradise Valley has been listed for sale at $55 million. The price has jumped more than 800% since it was last sold in 1997 for $6 million in cash.
The 27-acre parcel sits north of the Paradise Valley Country Club with views of the nearby Mummy Mountain.
Joan Levinson, Realtor with Realty One Group who listed the property, said developers have been eying that parcel over the past 50 years, but the owners had no intention of selling it for development.
The parcel is across the street from the home of John Teets, former CEO of Dial Corp. and Greyhound Corp., who died in August 2011 at the age of 77.
"He didn't want anybody to live across the street from him," said Levinson, who arranged the sale of the parcel to Teets in 1997. "He didn't want to block his view. He didn't have any intentions to build on it at that time, either. That's why it stayed undeveloped. The two owners of the property in the last 50 years did not want to develop it."
