A newly built estate at 5531 East Mockingbird Lane in Paradise Valley sold for $40.24 million in July 2026, the highest residential price recorded in Arizona. Katrina Barrett of Christie's International Real Estate represented the seller. Paulina Matteson of Serhant represented the buyer.
A newly constructed estate of approximately 20,900 square feet at 5531 East Mockingbird Lane in Paradise Valley sold for $40.24 million in an all-cash transaction, the highest residential price recorded in Arizona history. The buyer was PRH5 LLC, a Delaware entity whose principal was not disclosed. Katrina Barrett of Christie's International Real Estate held the listing, and Paulina Matteson of Serhant brought the buyer.
The two-acre speculative property was designed by Candelaria Design and built by Arcadia Custom Builders. It eclipses the state's prior record of $33.5 million, set in February 2025, a transaction Barrett also represented. The same agent holding both ends of a state record within eighteen months is a rare concentration of market position.
Arizona's ceiling has now risen more than twenty percent in a single cycle. Paradise Valley, roughly sixteen square miles bounded by Phoenix and Scottsdale, has absorbed the majority of that movement, and its spec pipeline is now priced against Southern California rather than against local comparables.