A condominium in the Ritz-Carlton Residences in Paradise Valley sold for $6.48 million, below its $6.95 million asking price. The sale occurred during a legal dispute between Scottsdale developer Five Star Development and its New York lender, Madison Realty Capital. A notice of trustee's sale was issued on August 4, with a foreclosure auction planned for November, but the property was removed from the market, according to ABC15.
Five Star Development filed a lawsuit in May accusing Madison Realty Capital of trying to take control of the $2 billion Ritz-Carlton Paradise Valley and The Palmeraie development, as mentioned by Phoenix Business Journal. Madison Realty Capital denied the allegations. Despite the lawsuit, the villa sold for $6.48 million last Wednesday.
Phoenix Business Journal reported that high-end real estate sales continue while the larger Ritz-Carlton project faces financial and legal uncertainties. The developer and lender are in an ongoing legal dispute ahead of a scheduled foreclosure auction in November.
