From the WSJ:
Jeff Moorad, the lead owner of MLB’s San Diego Padres, has taken his home just outside Phoenix off the market. It was listed for $28 million in the fall.
“We decided it was best to stay on the sidelines for the time being” after re-evaluating the market, says Mr. Moorad. The 55-year-old former sports agent, whose clients included Manny Ramirez and NFL quarterback Steve Young, says he built the majority of structures on the five-acre property.
The Paradise Valley, Ariz., property includes a single-story, seven-bedroom main house and a guest house that total about 16,000 square feet. There’s a basketball court, tennis court and a palm tree-lined pool. Mr. Moorad’s family partnership bought the property in 2005 for $9.43 million. Ownership was transferred to Mr. Moorad and his wife, Jan, in 2007 for $13 million.
Mr. Moorad, who was chief executive of the Arizona Diamondbacks, put the home on the market after he bought the Padres and moved to La Jolla, Calif. Bob Hassett of Russ Lyon Sotheby’s International Realty had the listing.
More photos here.
I have a client in PV with a 55k sf house and views of the city…its a strange how so much $$$ has settled in the 120 degree heat of Phoenix when they could be anywhere they choose.
$29M in Phoenix, when they could pay $6-10M and be right on the beach? Insane…
He paid $9.43 million in 2005 and tried to sell it for $28 million in 2009? What a moron. It’s probably worth $7 million today, maybe less.
Oh wait, he says he built most of the buildings on the property. (So what did he pay $9.43 million for? Raw land?)
$29 million, straight across:
http://www.sdlookup.com/MLS-100049355-5305_Carlsbad_Blvd_Carlsbad_CA_92008
Is it just me, or do all the photos look HDR post-processed?
Hmm. How much more interest might you get on a tract house if you used HDR on the photos? It’s not hard to do…
Does that carlsbad oceanfront listing come with the cars?
Aparently he didn’t get the all users email that 2006 housing prices won’t return until 2026 in Phoenix . . .hope he doesn’t mind waiting 16 years. . .or more.
That last transaction might not have been arms length. Perhaps it is all the famous names that sat on the thrones there that justifies the price. What would the Toilet Elvis OD’d on realize on E Bay?