(Disclosure: Rose Law Group represents the seller, the Teets family.)
By Rose Law Group Reporter
One of the few remaining undeveloped pieces of land in Paradise Valley has been sold, but with conditions.
The 27-acre parcel was sold Friday by the family of the late John W. Teets, Jr., former Chairman of the Greyhound and Dial corporations. The property had been in the family for nearly three decades.
The Teets family accepted a price of $42 million, even though they had received substantially higher offers, because this buyer agreed to low-density development on minimum 1.8-acre lots, whereas the potential buyers offering higher prices likely would have subdivided the parcel into one-acre lots.
It was also important that this buyer had a vision for building out the property that met the Teets family’s emphasis on preserving the quality and integrity that is emblematic of homes in Paradise Valley.
The purchase terms also included that the new owner will not do any site work for at least a year, or any above ground construction for at least two years.
