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WSJ: Arizona Mansion Aims for Record $35 Million Price

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A home in Paradise Valley, Ariz. is going on the market for $35 million. Courtesy of JOE COTITTA/WALT DANLEY REALTY

An elaborately outfitted Arizona mansion listing for $35 million could set a new record for the state if it fetches its asking price.

The 12-acre gated estate has a hair salon, a movie theater and an indoor basketball court, according to Walt Danley and Catherine Jacobson of Walt Danley Realty, who are listing the property with global marketing support by Christie’s International Real Estate. The property is located in Paradise Valley, an affluent community between Scottsdale and Phoenix.

If it sells for its asking price, it would set a record for the priciest home sale ever in Arizona, according to Jim Patterson of the Information Market, a Tempe-based real estate data and analytics company.

Surrounded by palm trees, the estate has views of Camelback Mountain. The five-bedroom main house measures more than 30,000 square feet, with a domed ceiling and twin stairways at the entrance. The master suite has the hair salon, a sitting room, an office, a kitchenette and multiple terraces as well as his-and-hers closets. The basketball court has an electronic scoreboard and a skybox. The movie theater is decorated with James Bond posters and boasts its own lobby.

The grounds include a swimming pool, his-and-hers pool houses and a three-bedroom guesthouse with its own infinity pool.

The seller is Robert Sussman, founder of New York City-based hedge-fund company Bentley Capital Management. Mr. Sussman, 68, said he spent about five years building the house, completing it in 2005. He said he is selling because he and his wife are planning to spend more time with family in California.

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Mansion Global: Featured Listing of the Day – “Paradiso”

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WSJ: A Large Montecito Estate Lists for $125 Million

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A roughly 237-acre estate—one of the largest residential properties in the affluent oceanfront community of Montecito, Calif.—has listed for $125 million.

Known as Rancho San Carlos, the property has a roughly 30,000-square-foot main house with 12 bedrooms and 10 full and three half bathrooms, according to listing agents Suzanne Perkins and Harry Kolb of Sotheby’s International Realty. The estate also has 10 cottages, equestrian facilities, a small office building and about 100 acres of citrus and avocado orchards. “It’s almost like a small city,” said Mr. Kolb.

Located about 90 miles north of Los Angeles and adjacent to Santa Barbara, Montecito boasts some of the priciest real estate in the country and has attracted celebrity residents like Oprah Winfrey and Ellen DeGeneres. Montecito hasn’t yet seen a home sale crack the $100 million mark, Ms. Perkins said, though she said she sold nearly 25,000 acres of ranchland elsewhere in Santa Barbara County in 2007 for about $135 million.

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In setting the $125 million listing price, Ms. Perkins and Mr. Kolb pointed to the roughly 23-acre Huguette Clark estate, “Bellosguardo,” in Santa Barbara, which they said is believed to be worth more than $100 million. The Rancho San Carlos estate is “one of a kind,” said Randy Solakian of Coldwell Banker Previews International.

Rancho San Carlos has been owned for nearly 90 years by the same family, said Jim Jackson, whose grandparents, rancher and property investor Charles H. Jackson, Jr. and his wife Ann, bought the land in the late 1920s and built the house. Charles died in the 1970s and his wife in 1990, Mr. Jackson said. Since then the family has maintained the property, but hasn’t used the main house as a full-time residence.

With mountain and ocean views, the Monterey Colonial-style house is built around an interior courtyard. The house has an English-style pub downstairs, Mr. Jackson said, accessed by a hidden door—not surprising for a house designed during Prohibition. Below the pub is an underground badminton court with an observation gallery. The house also has a tower office accessible only from the master suite by an exterior staircase.

Santa Barbara has long been a hub for polo, and Mr. Jackson said his grandparents were active participants in the sport. They also bred race horses and dogs on the property, which has a barn and stable complex, outdoor paddocks, a trophy room, a roughly 11,250-square-foot covered riding arena and an outdoor training track. The 10 small cottages have mostly been used to house employees, Mr. Jackson said. At one time there were some 30 horses on the property, he said, but there are now only a few.

The family is selling because they are spread out across the country and the property has become too difficult to maintain given family members’ different priorities and objectives, Mr. Jackson said. “It’s hard for us to let it go, but it’s too hard to keep,” he said, adding: “Everyone would like to have somebody buy it and keep it together.”

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