A sprawling Paradise Valley estate featuring an underground go-kart track and a private shooting range has shattered the record for the most expensive home sale in Arizona history.
The 20,919-square-foot mansion at 5531 E. Mockingbird Lane closed on July 9 for $40.24 million in an all-cash deal, according to reporting from the Phoenix Business Journal.
The transaction breaks the previous state record set just last year in February 2025, when a 23,417-square-foot Paradise Valley mansion sold for $33.5 million. Both record-breaking deals were secured by Katrina Barrett, the designated broker and owner of Local Luxury | Christie’s International Real Estate.
Barrett originally listed the Mockingbird Lane property for $40 million on April 24.
“Paradise Valley is getting a nice new neighbor,” Barrett told the Phoenix Business Journal, adding that she was a bit embarrassed by the attention surrounding the historic transaction.
Inside the record-breaking Paradise Valley estate
The massive residence sits on an almost two-acre gated lot and features eight bedrooms, seven full bathrooms and four half-bathrooms.
The home is packed with ultra-luxury amenities, particularly on its lower level, which boasts 10-foot ceilings, a movie theater, a safe room and a salon and spa complete with a sauna, massage room, lounge and bar. It also includes an indoor recreation space equipped with a children’s playground and a fully functional go-kart track.
Other interior highlights include:
- A chef’s kitchen with a separate prep kitchen and butler’s pantry.
- Two 432-bottle wine walls.
- White oak flooring, rift oak cabinetry and Sierra Pacific windows and doors.
- A dedicated children’s retreat, a fitness studio and a mezzanine office.
Outside, the property features a pool, spa and a large ramada outfitted with a full outdoor kitchen, bar, grill, pizza oven, smoker and misting system. For automotive enthusiasts, the estate offers an abundance of parking, including 18 covered and 13 open spaces, alongside a 6,000-square-foot garage with car lifts that can house up to 18 vehicles.
The property also includes a detached guest house with dual suites, a full kitchen and laundry room, as well as a separate studio casita.
The smart home utilizes a Control4 automation system and full whole-home audio. Built in 2020 by Arcadia Custom Builders, the home’s initial phase was designed by Candelaria Design, with a second phase completed by Katie Bowe Design.
The property was sold by Jordan and Jillian Darling, owners of the allergen-free donut food truck Dupe Loops and the Phoenix-based building materials company Supersede. The Darlings reportedly sold the estate to begin construction on another home in Paradise Valley.
Arizona’s luxury market reaches ‘new stratosphere’
Barrett and the buyer’s agent, Paulina Matteson of Serhant, both declined to identify the buyer. However, Maricopa County records reviewed by the Phoenix Business Journal show the buyer is PRH5 LLC, a Delaware-based entity with an affiliated address outside of Houston, Texas.
Local real estate experts say the $40.24 million sale marks a turning point for the Valley.
“Two-thousand dollars a foot is the new standard,” Barrett told the Phoenix Business Journal.
J. Andrew Turley, president of Phoenix Valuations, has appraised the property multiple times since 2020. He noted that while luxury sales over $10 million have surged over the last 18 months, hitting the $40 million mark elevates Valley real estate to a completely different tier.
“If you build it, they will come, just like in the movie Field of Dreams,” Turley told the Phoenix Business Journal, noting growing momentum for homes priced above $30 million.
Frank Aazami, principal of the Private Client Group at Compass Real Estate, said the market is seeing twice as many closings at $2,000 per square foot this year compared to last year. He credited the Mockingbird Lane property’s meticulous design and collector-car storage for driving its premium valuation.
While the broader Phoenix housing market has plateaued or slightly dipped over the last year and a half, according to the Phoenix Business Journal, the luxury sector remains insulated.
Connor Devereux, senior director of market analytics for CoStar Group/, noted via the Phoenix Business Journal that single-family homes in the top quartile of the Phoenix metro have seen prices rise 6.2% year-over-year in 2026. Meanwhile, lower-priced tiers have remained flat, fluctuating between 0% and 1.9%.
“Wealthy buyers often purchase all-cash and are thus less susceptible to higher interest rates and volatility in borrowing costs,” Devereux said via the Phoenix Business Story, adding that California’s regulatory and tax environment continues to drive affluent out-of-state buyers to Arizona.
The historic sale places the Phoenix area in direct conversation with established ultra-luxury markets like Miami, Los Angeles and New York, according to Scott Grigg, owner of The Grigg’s Group powered by The Altman Brothers.
Other luxury developers are already looking to push the ceiling even higher. Joshua Peters, a luxury Realtor who held the state sale record in 2024, said via the Phoenix Business Journal he is currently developing five-acre estates nearby that he expects to list between $45 million and $50 million.
“The future is going to be epic for Paradise Valley,” Peters told the Phoenix Business Journal.
