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Sales 2012 of Homes listed for over $5,000,000
Paradise Valley
Listed 10/31/2009 for $9,995,000
SOLD 4/3/2012 for $3,500,000
Listed 9/24/2010 for $13,900,000
SOLD 4/2/2012 for $4,300,000
NEW BUILD
Listed 11/6/2009 for $14,500,000
SOLD 3/5/2012 for $4,800,000
Listed 10/27/2009 for $24,900,000
SOLD 3/27/2012 for $10,500,000
THURSDAY, JANUARY 6, 2011
The McCune Mansion
The Facts:
6112 E. Paradise View Drive
Paradise Valley, AZ 85253
$15,000,000
What the listing agent/s say/said:
A once in a lifetime opportunity to own a property that is irreplaceable for many reasons. On a leveled hill with the best views possible: lights of 3 cities, major landmark mountains of Camelback, South Mountain, and Phx Mountain preserve;heighth restrictions that can't be duplicated; country club-like grounds with Olympic size pool, tennis, and over-size poolside kitchen; 3 parcels; a retaining wall that would cost millions to build today, and a house that is more like a palace than just a home. It needs renovations but is priced far, far below replacement costs and could be brought to fit today's life style for the rich and famous.
Homeowners have reduced price to sell! Welcome to this grand estate popularly known as `The McCune Mansion` located in the prestigious town of Paradise Valley, Arizona. Only minutes from private and international airports, this home is situated on nearly 6 hilltop acres with unobstructed 360-degree views of the valley includingCamelback Mountain and Phoenix city lights. This RARE-investment opportunity includes two separate parcels of raw land outside of the fully-enclosed estate. Guard house, guest house, theatre, ballroom, billiard room, and SO much more! This home awaits your personal decor & renovation!
PROPERTY will no longer posted in the MLS system as of 11/16/07; however this estate is still being offered for sale. Please call listing agent for more information and private showing. **Popularly known as the 'McCune Mansion', this 52,000 sqft home boasts 360-degree city light and mountain views! Minutes from downtown, this 6-acre hilltop Paradise Valley estate allows your dreams to run wild with amazing design possibilities!
The fun stuff:
Built in 1962 by Walker McCune, heir to the Penzoil fortune. His wife divorced him before the home was completed. He spent the remainder of his days living in the guest house!
The next owner was Gordon Hall. Gordon is/was married to MaryKeating Hall. Their son Gary Hall was an Olympic swimmer. Here is some great stuff about Charles Keating. Gordon Hall let the mansion go back to Southwest Savings on 10/29/1987. The Resolution Trust Corp., who was the receiver for Southwest savings then transferred the deed back to Southwest Savings and Loan Association on 3/19/90 for $3,050,000. The next owner is a Bruce Jennings who then transferred title to George A. "Geordie" Hormel, heir to the Hormel food fortune.
3/5/1991 Hormel paid $3,750,000.
WHAT I SAY:
It takes a Billionaire. This is a gut and redo. Even if you pay cash for the house, I estimate monthly maintenance/utilities/ staffing would cost $100,000-200,000 a MONTH. A spectacular well built trophy house in Paradise Valley with Prominence and Provenance.
There have been Four closed sales in Paradise Valley, Arizona in 2011; Where the home was listed for Over 5 Million.
5802 E. Cholla Lane
Started at $8,900,000......Sold for $4,225,000
Roughly 9,450 square feet
523 Days on Market (11-09-2009)
5937 N. La Colina
Started at $5,000,000
Closed 11-11-2011
$4,345,000 AT ABSOLUTE AUCTION
Approx. 9523 square feet
49 days on market
8644 N. Morning Glory
Started at $6,900,000 (10-12-2009)
Closed 1-14-2011 $4,500,000
310 Days on market
7001 N. Longlook
Started at $7,950,000
Closed 5-25-2011 $5,500,000
436 Days on market
UNDER CONTRACT:
5600 N. Saguaro
Started at $23,000,000
Currently Listed for $14,000,000
1382 Days on Market
Approx. 14,304 square feet
Foreclosure auction scheduled 06-01-2012
oustanding Balance indicated $8,455,535
McCain and Keating: http://www.associatedcontent.com/article/1016378/john_mccain_charles_keating_and_the.html
Gordon Hall, Charles Keatings son in law in 1986:He owned the McCune mansion at the time: http://www.people.com/people/archive/article/0,,20092789,00.html
RTC relive the late 80's: http://findarticles.com/p/articles/mi_m1554/is_n1_v18/ai_12099809/
IS THIS WHERE a relative lives?:
mom and dad used to be next door:
Arizona Regional MLS - IMAPP
Maricopa County Tax Report - 6447 N PALO CRISTI RD, PARADISE VALLEY, AZ 85253-3746
Report Prepared By William Donaldson
Maricopa County Tax Report - 6447 N PALO CRISTI RD, PARADISE VALLEY, AZ 85253-3746
Report Prepared By William Donaldson
PROPERTY INFORMATION
APN: 164-04-099 
MCR # 31202
Property Type: Residential
Property Address:
6447 N PALO CRISTI RD
PARADISE VALLEY, AZ 85253-3746
Maricopa County
Current Owner:
ROBERT & SHARON J BOYAJIAN JR
Tax Mailing Address:
6447 N PALO CRISTI RD
PARADISE VALLEY, AZ 85253-3746
Legal Class:
OWNER OCCUPIED RESIDENTIAL
Land Areas:
1. SFR GRADE 010-6 URBAN SUBDIV
Lot Size: 5.51 acres / 240,049 sf
County Zoning: R-43 / RESIDENTIAL WITH 43,000 SF MINIMUM (100.00%)
City Zoning: R-43 / RESIDENTIAL WITH 43,000 SF MINIMUM (100.00%)
Subdivision:
MEDICINE MAN RIDGE 4 LOT 1 2
Twn: 2N / Rng: 3E / Sec: 12
Block: / Lot: 2
Census Tract: 105103 Block: 3012
Lat: 33.530483 Lon: -112.003011
Legal Description:
MEDICINE MAN RIDGE 4 MCR 312-2
MCR # 31202
Property Type: Residential
Property Address:
6447 N PALO CRISTI RD
PARADISE VALLEY, AZ 85253-3746
Maricopa County
Current Owner:
ROBERT & SHARON J BOYAJIAN JR
Tax Mailing Address:
6447 N PALO CRISTI RD
PARADISE VALLEY, AZ 85253-3746
Legal Class:
OWNER OCCUPIED RESIDENTIAL
Land Areas:
1. SFR GRADE 010-6 URBAN SUBDIV
Lot Size: 5.51 acres / 240,049 sf
County Zoning: R-43 / RESIDENTIAL WITH 43,000 SF MINIMUM (100.00%)
City Zoning: R-43 / RESIDENTIAL WITH 43,000 SF MINIMUM (100.00%)
Subdivision:
MEDICINE MAN RIDGE 4 LOT 1 2
Twn: 2N / Rng: 3E / Sec: 12
Block: / Lot: 2
Census Tract: 105103 Block: 3012
Lat: 33.530483 Lon: -112.003011
Legal Description:
MEDICINE MAN RIDGE 4 MCR 312-2
SUBDIVISION DETAILS FOR MEDICINE MAN RIDGE 4 LOT 1 2
| Improved Lots: 1 | With Pool: 1 (100%) | 1 story: 1 | 3 story: 0 | Average House Size | |||
| Year Built Range: 1987 to 1987 | 2 story: 0 | 4 story: 0 | 4,419 sf | 0 rooms | 12 fixtures | ||
TAX VALUATION INFORMATION (TAX AREA = 141100)
| 2007 Final | 2008 Final | 2009 Final | 2010 Final | 2011 Prelim | |||||||||
| Full Cash Improved: | $1,968,600 | $2,460,300 | $2,324,300 | $2,893,900 | $1,556,900 | ||||||||
| Full Cash Land: | $402,400 | $503,000 | $482,100 | $600,200 | $322,900 | ||||||||
| Full Cash Total: | $2,371,000 | $2,963,300 | $2,806,400 | $3,494,100 | $1,879,800 | ||||||||
| Percent Change: | - n/a - | 24.98% | -5.29% | 24.5% | -46.2% | ||||||||
| Limited Full Cash: | $2,371,000 | $2,044,606 | $2,249,067 | $2,560,325 | $1,879,800 | ||||||||
| Total Assessed Value: | $237,100 | $296,330 | $280,640 | $349,410 | $187,980 | ||||||||
| Tax Amount: | $17,899.22 | $19,604.26 | $18,031.22 | $24,988.74 | County Treasurer | ||||||||
SALES INFORMATION
| Deed Type | Sale Date | Price | Down | Mtg Amt | Financing | Document # | |||||||||||
| SPECIAL WARRANTY DEED | 5/13/93 | $1,275,000 | $446,250 | $550,000 | Conv | 930295832 | |||||||||||
| Buyer: ROBERT & SHARON J BOYAJIAN JR | Seller: KEYCORP MORTGAGE | Mtg Company: GMAC MORTGAGE CORP | |||||||||||||||
| SHERIFFS DEED | 4/16/93 | $1,487,000 | $0 | $0 | 930230863 | ||||||||||||
| Buyer: BANK OF AMERICA | Seller: KEATING JR | Mtg Company: | |||||||||||||||
BUILDING INFORMATION
| 1. | SFR GRADE 010-6 URBAN SUBDIV | Rooms: 0 | Fixtures: 12 | Area: 4,419 sf | Built: 1987 | Stories: 1.00 | ||||||||||||||||||||||||||||||||||||||||
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SCHOOL DISTRICTS
FLOOD ZONE DETAILS
| Panel: FIRM 04013C1670G | Zone: X2 (Areas determined to be outside the 500-year flood.) |
Source: Flood Control District of Maricopa County, July 2010
© iMapp, Inc, 2011 | Information is believed accurate but not guaranteed. Buyer to verify all information.
Currently listed for $7,000,000
More:
Charles Keating: A man of contradictions
Reading this book may make you wish that the late Orson Welles had taken better care of himself.
He might still be with us, ready to film his next masterpiece: the bizarre story of Charles Keating -- devout Catholic, loyal family man, daring real estate developer and bank robber. A "Citizen Kane" for the 1990s.
Michael Binstein, an associate of journalist Jack Anderson, and Arizona free-lancer Charles Bowden have written the best business book since "Barbarians at the Gate." "Trust Me" is journalism as Orson Welles might have practiced it -- not a cool, factual narrative, but a hilarious and rather scary tale of one of the strangest crooks of modern times.
The authors don't offer pat explanations of Keating's character. Instead, they use court records and interviews with Keating and his friends and foes to describe in detail the world Keating created and then destroyed.
Mr. Binstein and Mr. Bowden do ask us to take a great deal on faith. They admit that many of their anecdotes came from people who don't dare speak about Keating on the record, even though the man's doing 10 years in a California prison. Still, his criminal record is there for all to see, a catalog of astounding greed and corruption.
Like dozens of other financial wizards of the past decade, Keating realized that the deregulation of the savings and loan industry was essentially a license to steal. S&Ls once were the most conservative of institutions, kept that way by archaic federal regulations. The industry needed reform. Instead, it got anarchy.
S&Ls won the right to invest depositors' money in high-risk ventures, with the federal government guaranteeing to make up any losses to depositors. So S&L owners could invest in any smelly deal that hinted at a profit. If they were wrong, America's taxpayers were on the hook.
For Keating, a compulsive gambler who kept a craps table in his Phoenix home, the new rules meant he could break the bank. So he went out and bought a bank -- Lincoln Savings & Loan in Los Angeles. And then he broke it.
Through Lincoln, Keating lent himself hundreds of millions of dollars, in flagrant violation of such banking laws as still existed. About $80 million of the money was poured into Detroit's Pontchartrain Hotel. But that's nothing compared to the $300 million he poured into a huge luxury hotel in Phoenix.
There were many more deals. And then there were the millions in salaries, and the private air force -- three jets and a helicopter -- that whisked Keating to the world's most lavish resorts. And the vast contributions to friendly politicians.
All of these were paid for by people who'd simply wanted a safe place to deposit their savings. But at least the federal government will come up with the $2.5 billion these people lost. Thousands of others, many of them elderly, won't be so lucky. They put their life savings in uninsured junk bonds issued by Keating, and saw their money turn to wastepaper.
So where's the mystery? In the contradictions.
What can you make of a man who spends three days in a Yugoslavian peasant hut praying to the Virgin Mary, then hops his corporate jet for a trip to the casinos of Monte Carlo?
Keating donated millions to charity. When Mother Teresa came to America, his private air force was at her disposal.
But none of the money came out of Keating's pocket. Lincoln depositors and bondholders picked up the tab.
We learn that Keating routinely used racist epithets and claimed that the San Francisco bank examiners who investigated Lincoln were homosexuals with a vendetta against him. He loved to look down from his office window and fire the first employee he saw walking by. Yet he was horrified when he learned that many people despised him.
Keating became one of the nation's most prominent campaigners against pornography, and there seems no doubt that he genuinely hates the stuff. Yet he surrounded himself with attractive blond women, ogling them as they scurried through the office. Women who worked for Keating soon learned to cater to his tastes. So many of them got breast implants that one Phoenix plastic surgeon began offering a corporate discount.
There's a shocking or hilarious revelation about the world of Charles Keating on nearly every page of "Trust Me."
He comes across as a man driven by urges that even he barely understands. But rather than work through his passions with a priest or psychologist, Keating unleashed them on the American economy, with disastrous results.
Maybe with all that prison time on his hands, Charles Keating will write a book and explain himself, something Charles Foster Kane never did. Until then, "Trust Me" will likely stand as the final word on this enigmatic swindler.
FASCINATED:
 |
Bruce A. Ericson
Partner |
Securities litigation, M&A and corporate governance disputes:
Mr. Ericson is co-leader of the firm's Securities Litigation team and the managing partner of the firm's San Francisco office. Since 1998, his batting average in obtaining dismissals of securities class actions and having them affirmed on appeal has been over .666. Mr. Ericson represents public companies, their boards and their senior management in securities and corporate governance disputes of all kinds, in SEC investigations and SEC litigation, and in internal investigations, including situations involving disputes among senior management and significant questioning by outside auditors. He was named "Northern California Super Lawyer" in securities litigation in 2006, 2007, 2008, 2009 and 2010.
Banking investigations and litigation:
Mr. Ericson represented federal bank regulatory agencies in the investigation of Charles Keating, American Continental Corporation and Lincoln Savings and Loan Association, and in an action against the former officers, directors and shareholders of Southwest S&LA, including Governor J. Fife Symington, III of Arizona. The Southwest litigation resulted in an eight-figure settlement. Mr. Ericson also represented a federal bank regulatory agency in a mediation against a Big 4 accounting firm (obtaining a seven-figure settlement) and in other investigations of directors, officers, lawyers and accountants.
Mr. Ericson represented federal bank regulatory agencies in the investigation of Charles Keating, American Continental Corporation and Lincoln Savings and Loan Association, and in an action against the former officers, directors and shareholders of Southwest S&LA, including Governor J. Fife Symington, III of Arizona. The Southwest litigation resulted in an eight-figure settlement. Mr. Ericson also represented a federal bank regulatory agency in a mediation against a Big 4 accounting firm (obtaining a seven-figure settlement) and in other investigations of directors, officers, lawyers and accountants.
Pardoned by Clinton, Fife that is:
LOVE THIS STUFF! Not made up:
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