When former Yankee and MLB legend Randy Johnson decided to sell his Arizona home in 2014, he initially listed it for $25M. Designed by award-winning architect Erik Peterson, 8055 North Mummy Mountain Road is an extraordinary private enclave on more than five acres in the heart of Paradise Valley. Featuring timeless details including hand-laid stone and reclaimed Chicago brick exteriors, custom wrought iron accents, soaring coffered ceilings, stone columns, and arched doorways, the 25,416-square-foot Mediterranean estate was certainly one-of-a-kind, which made it difficult to determine true market value.
“A property of this magnitude and quality rarely comes to market,” said listing agent Jonathan Friedland of The Joffe Group, Launch Real Estate LLC. “It truly offers something for everyone—from the commercial-grade fitness center and studio-quality home theater to the gourmet chef’s kitchen and top-of-the-line appliances. To build something similar would take at least three to four years and require an almost unlimited budget.”
Four years and three price reductions later, Johnson was still holding onto the property, and with it, all associated carrying costs, including taxes, insurance, and maintenance. With little to no comps in the local market, there was no telling how long the property would sit on the market, and the multiple price reductions weren’t proving to be very effective in bringing buyers to the table.
According to the Concierge Auctions U.S. Luxury Homes Index, which analyzes the top 10 home sales in 56 luxury markets, luxury properties in Phoenix, Arizona, took an average of 720 days to sell in 2018.
Together with listing agents Robert Joffe and Jonathan Friedland of The Joffe Group, Launch Real Estate LLC, Johnson decided he wanted to take control of the timing of the sale of his property.
Concierge Auctions was directly able to bring the global market. During the 27 days 8055 North Mummy Mountain Road was featured on our platform, Concierge Auctions showcased the property to thousands of potential buyers from around the globe—including select members of our Private Client Group. This resulted in 11 parties bidding on the property and most importantly, the sale the owners had been waiting nearly five years for.
“My children have all since grown and gone off to college, and it’s time for us to move on and part from our family home as well. Just as you would sell art and cars through auctions, real estate auction firms provide an alternative platform to sell ultra-luxe properties efficiently within a given timeframe. I chose to partner with Concierge Auctions because of their proven track record for being a leader in this space.”
Randy Johnson, Seller