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Mountain Shadows Parcel Sold For $23 Million... Planned For 40 Luxury Homes
    
Phoenix

July 14, 2014

Mountain Shadows Parcel Sold For $23 Million... Planned For 40 Luxury Homes

A prime parcel once part of the landmark Mountain Shadows resort in Paradise Valley has been sold to a high-end Valley home builder. Cullum Homes in Scottsdale (Rod Cullum, principal) plans to build 40 luxury residences on the highly-coveted property, located at the southeast corner of 56th Street and Lincoln Drive. A company formed by Cullum paid $23 million ($575,000 per lot) to buy the 12.5-acre parcel.

The seller was MTS Land LLC, a company formed by Crown Realty & Development Corp. in Irvine, Calif. (Robert Flaxman, Jamie Sohacheski, partners).

The sale was negotiated through Nate Nathan, Dave Mullard, Casey Christensen and Courtney Buck of Nathan & Associates Inc. in Scottsdale.

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