Developer buys prime Paradise Valley land

Ted Eytan / Flickr

By Angela Gonzales | Phoenix Business Journal

A 1.26-acre vacant Paradise Valley lot with tip-to-tail views of Camelback Mountain has sold for $5.1 million.

Originally listed for $6.85 million, the offering price dropped to $6.45 million in January, then $5.85 million in April, according to Zillow, which shows the transaction closed on July 3.

Buying the lot at 5719 E. Indian Bend Road is a joint venture partnership led by Frank DiMaggio, co-founder of MDF Development.

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