A 27-acre undeveloped parcel of land near Mummy Mountain in the Town of Paradise Valley was sold last week for a record-breaking $42 million — and it could have sold higher.
For nearly three decades, the property has been held undeveloped by the family of the late John W. Teets Jr., former chairman of the Greyhound and Dial corporations. Teets and his wife Nancy bought the property for $6 million in 1997 to preserve the views from their family home, according to a statement from the family.
The parcel is next to Mummy Mountain within walking distance of Paradise Valley Country Club, north of Lincoln Drive and east of Tatum Boulevard. This is the largest flat acreage parcel remaining in the town, according to luxury real estate expert Joan Levinson. It’s non-hillside and zoned R-43.
