John Teets Home - $42 Million Worth Property in Phoenix

The John Teets Home in Paradise Valley is a stunning estate that covers 27 acres of undeveloped land, offering breathtaking views of Mummy Mountain and the Phoenix Mountains Preserve.

Purchased by the Teets family around 30 years ago for $6 million, this property became a symbol of their commitment to preserving its natural beauty. Recently, the family sold the land for $42 million, setting a record in the Phoenix area real estate market.

Quick Overview of John Teets’ Home

John Teets’ estate in Paradise Valley represents a significant chapter in Arizona’s real estate history, showcasing a blend of natural beauty and strategic development. Here’s a quick overview of the property details:

Property Address: 54th Street, Paradise Valley, Arizona
Size: 27 acres of undeveloped land
Purchasing History: Purchased around 30 years ago
Purchasing Price: $6 million (around $222,222 per acre)
Listing Price: $55 million
Selling Price: $42 million
Seller: The Teets family, heirs of John Teets Jr., former CEO of Dial Corporation
Buyer: A Delaware-based limited liability company named PV27.
Buyer’s Intentions: The buyer agreed to maintain low-density development, adhering to a minimum lot size of 1.8 acres, to preserve the character of the land and neighborhood.
Notable Features: Stunning views of Mummy Mountain and the Phoenix Mountains Preserve; commitment to preserving the natural beauty and integrity of the land through low-density development.

John Teets’ Property in Paradise Valley

Nestled in the exclusive Paradise Valley, John Teets’ property stands out as a remarkable piece of real estate, combining expansive natural beauty with a rich history. This estate not only offers breathtaking views but also reflects the Teets family’s commitment to preserving the area’s unique charm. Let’s explore the details of this extraordinary property, including its location, size, and purchase history.

Location and Size:

John Teets’ property is located at 54th Street, Paradise Valley, near Scottsdale, Arizona. The estate sits on 27 acres of undeveloped land, making it one of the largest available plots in the region. Its standout feature is its breathtaking views, overlooking both Mummy Mountain and the Phoenix Mountains Preserve, adding immense natural beauty to the land’s value.

This scenic location and the extensive acreage make it a rare and coveted property in the high-demand region. Paradise Valley’s allure, combined with the land’s unique scale and scenic charm, established it as a highly desirable asset in Arizona’s real estate landscape.

Purchase History:

John Teets and his wife bought the 27-acre property around 30 years ago for $6 million, equivalent to around $222,222 per acre. Their primary motivation for the purchase was to preserve their panoramic views of the surrounding mountains and to maintain the area’s natural appeal.

Unlike many properties, this land remained undeveloped throughout the years, as the Teets family was dedicated to protecting its open, untouched state. While surrounding property values skyrocketed over the years, the family stayed committed to safeguarding the land’s integrity, setting a high standard for low-density development in Paradise Valley.

The Largest Undeveloped Land

The Teets family’s 27-acre plot is the largest undeveloped piece of land in Paradise Valley. This town is known for its luxury homes and large lot sizes. The town requires houses to be built on at least one-acre plots, which helps maintain its exclusive, low-density character.

The Teets family ensured that their land would follow this tradition, adding further restrictions to protect its integrity.

Why the Teets Family Sold the Property?

In April 2024, the Teets family sold the land for $42 million to a Delaware-based limited liability company named PV27. Despite receiving offers that exceeded the final sale price, the family accepted this offer because the buyer agreed to specific conditions that would limit future development.

Conditions to Sell the Teets Property

The sale of the Teets family’s 27-acre property in Paradise Valley came with several key conditions that ensured the land would be developed responsibly and in line with their vision. These conditions were designed to protect the land’s integrity and preserve the character of the surrounding area.

1.8-Acre Minimum Lot Size: One of the most important conditions was the requirement for low-density development. The buyer had to agree to build homes on plots that were at least 1.8 acres. This was larger than the typical one-acre lot size allowed by local zoning laws. The Teets family wanted to prevent overdevelopment and overcrowding in the area.
Preventing Subdivision into Smaller Lots: Higher offers had been made by other buyers who wanted to subdivide the property into smaller, one-acre lots. However, the Teets family rejected these offers to ensure the land remained sparsely developed, preserving its natural beauty and the privacy of the surrounding neighborhood.
One-Year Delay for Site Work: Another condition was that the buyer could not start any site work on the property for at least one year. This allowed time for careful planning and consideration of how the land would be developed without rushing into construction.
Two-Year Delay for Above-Ground Construction: The sale agreement also specified that no above-ground construction could begin for at least two years. This condition was put in place to ensure that any development would be thoughtfully designed and executed, taking into account the family’s desire to maintain the area’s quality and character.
Protecting the Community’s Character: The Teets family’s primary goal was to ensure that the property was developed in a way that aligned with the character of Paradise Valley. This town is known for its luxurious, spacious homes, and the family wanted the new development to uphold those values.
Emphasis on Quality Development: The buyer had to share the Teets family’s vision for quality over quantity. They wanted to make sure that any future development would enhance the neighborhood and be something that both the community and the new owner could be proud of.
Shared Vision: The family was selective about the buyer, choosing one who agreed with their philosophy of preserving the land and developing it responsibly. This commitment to finding the right buyer, rather than just accepting the highest offer, was a key condition of the sale.
Respect for the Land’s Legacy: The buyer had to show respect for the land’s historical significance and the family’s 30-year connection to it. The new owner needed to understand the importance of maintaining the property’s legacy and protecting its natural features, like the stunning views of Mummy Mountain and the Phoenix Mountains Preserve.

The property was originally listed for $55 million, but the Teets family decided against accepting higher offers because they were concerned about the potential for more intensive development. Their commitment to responsible land use and preservation outweighed the allure of a higher financial gain.

By prioritizing these values, they set a precedent for low-density development in the area, ensuring that future changes would reflect the character of Paradise Valley.

Highest Sale Price in Phoenix Area History

The sale of John Teets’ property in Paradise Valley made history in the Phoenix area real estate market. Priced at $42 million, this transaction set a new record for the highest amount ever listed on the Multiple Listing Service (MLS) in greater Phoenix.

The previous record sale was $23.5 million for a luxury mansion in Paradise Valley in 2023, making the Teets family sale nearly double in value. The Teets property’s scale and unique development restrictions, like limiting lot sizes to a minimum of 1.8 acres, added to its significance.

This sale not only highlighted the property’s financial worth but also emphasized the importance of preserving the character of Paradise Valley. By setting a high benchmark, the sale influenced local real estate values and demonstrated the growing demand for exclusive, low-density luxury properties in the area.

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