John Teets Home: $42M Paradise Valley Set Real Estate Record
John Teets home in Paradise Valley is a remarkable piece of Arizona’s real estate history. The estate covered 27 acres of land in a highly exclusive area. It was purchased by John Teets and his wife to protect the beautiful mountain views and preserve the natural surroundings.
John Teets property was kept undeveloped for years to avoid overcrowding and maintain its charm. In 2023, the land was sold for $42 million, setting a record in the Phoenix area. Its unique location, scenic views, and development restrictions made it one of the most valuable properties in the region.
John Teets Home
John Teets’ estate in Paradise Valley is an important part of real estate history. The property covers 27 acres and was sold for $42 million. The Teets family bought it 30 years ago for $6 million to protect the mountain views.
The land is the largest undeveloped property in the area. The property was sold for $1.56 million per acre. The sale set a new record price for the region. The buyer is a Delaware-based LLC called PV27. There will be no construction on the land for at least one or two years.
Quick Overview about House:
Here are the details of John Teets’ house and property presented in a table:
| Detail | Description |
| Property Size | 27 acres |
| Location | Paradise Valley, Arizona |
| Sale Price | $42 million |
| Price per Acre | $1.56 million |
| Land Purchase Price (30 years ago) | $6 million |
| Land Purchase Price per Acre | $222,222 per acre |
| Zoning Requirements | 1-acre minimum lot size |
| Restrictive Covenant | Requires 1.8-acre minimum lot size |
| Previous Listing Price | $55 million |
| Buyer | Delaware-based company, PV27 |
| Land Nearby | Paradise Valley Country Club, Mummy Mountain, Phoenix Mountains Preserve |
| Sale Record | Highest sale price in Greater Phoenix |
| Teets’ Purpose for Buying Land | Protect mountain views |
| Teets’ Family’s Decision | Chose lower offer to ensure fewer homes built |
| Teets’ Role | Former CEO of Dial and Greyhound corporations |
| Teets’ Passing | Died in 2011 |
John Teets Paradise valley Home
John Teets and his wife, Nancy, owned a property in Paradise Valley, Arizona. They purchased 27 acres of land. This property was used to preserve their mountain views. It is a large and exclusive piece of land.
John Home Adress:
The property is located on 54th Street in Paradise Valley, Arizona. This area is known for its luxury homes and stunning views. It is one of the most exclusive and sought-after locations in the region. The land offers a peaceful environment with beautiful mountain views.
Property Location and Scenic Views
The property is located in Paradise Valley, near the Paradise Valley Country Club. It offers beautiful views of Mummy Mountain and the Phoenix Mountains Preserve. The land is 27 acres in total. It is the largest undeveloped parcel in Paradise Valley.
History of the Purchase
John Teets and his wife bought the land 30 years ago for $6 million. They bought it to protect their views of the mountains. At the time of purchase, the land cost them $222,222 per acre. The couple kept the land vacant to avoid new homes being built around them.
Sale Details and Price
The land was sold for $42 million. This is the highest price ever recorded for a property in greater Phoenix. The sale price came out to $1.56 million per acre. The Teets family placed a restriction on the land. They insisted on a 1.8-acre minimum lot size. This was to ensure that fewer homes would be built on the land.
Land Restrictions and Development Plans
To maintain the beauty of the area, the Teets family insisted on a 1.8-acre minimum lot size. This restriction ensured that fewer homes would be built, keeping the property less crowded. The Teets family prioritized protecting the land over accepting higher offers for more dense development.
The Largest Undeveloped Parcel in Paradise Valley
This 27-acre plot is the largest remaining undeveloped land in Paradise Valley. It is considered a rare and valuable property due to its size and location. The land provides a peaceful and spacious setting, making it a prime spot for future development.
Future Development and Buyer’s Intentions
It is unclear what the buyer plans to do with the land. The buyer is a Delaware-based LLC called PV27. The buyer agreed not to do any construction for at least a year. They are also not allowed to start any above-ground construction for two years. The Teets family wanted a buyer who would build something that would make the neighborhood proud.
A Rare Opportunity in Paradise Valley
This property presented a unique opportunity for potential buyers. With its size, location, and restrictions, it offers a rare chance to build a luxury estate in one of the most sought-after areas of Arizona. The land was sold with the intention of preserving its natural beauty while allowing for high-end development.
Teets’ Legacy in Paradise Valley
John Teets and his family will be remembered for their role in preserving a significant piece of land in Paradise Valley. Their decision to keep the property undeveloped for years ensured that the area would maintain its scenic charm. The sale reflects their lasting influence on the land and their commitment to protecting its natural beauty.
Teets Family’s Decision for Lower-Density Development
The Teets family chose lower-density development for their property. They received higher offers but selected a buyer who agreed to build fewer homes. They placed a restrictive covenant on the property. It required a 1.8-acre minimum lot size.
The zoning in the area allowed 1-acre lots, but the family wanted to preserve more space. Their decision aimed to protect the natural beauty of the land. The Teets family wanted the buyer to respect the neighborhood’s character. They prioritized long-term preservation instead of higher financial offers.
Record-Breaking Property Sale in Phoenix Area
The sale of the Teets family property set a historic record. The 27-acre land in Paradise Valley sold for $42 million. This was the highest sale price ever recorded in the Phoenix area.
The sale surpassed all previous records for land and homes. The property’s size and exclusive location made it highly valuable. The unique restrictions added to its importance. This sale showed the prestige of Paradise Valley in Arizona’s real estate market.
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FAQs:
Q. Where was John Teets’ property located?
The property was located in Paradise Valley, Arizona, near the Paradise Valley Country Club.
Q. Why did John Teets purchase the property?
John Teets and his wife purchased the land to preserve their mountain views and prevent overdevelopment.
Q. Who bought the property?
The property was purchased by PV27, a Delaware-based limited liability company.
