A Chandler-based tech executive and his wife have put their Paradise Valley mansion on the market for nearly $30 million, asking almost double what they paid for it less than a decade ago. The 15,290-square-foot estate sits on Mummy Mountain and belongs to Steve Sanghi, chief executive of Microchip Technology, and his wife Maria.
According to bizjournals.com, the home is listed for nearly double the price Sanghi paid for the property nearly a decade ago. As reported by The Real Deal, the Sanghis are seeking nearly $30 million for the 7100 North Mummy Mountain Road property, a price that works out to roughly $1,959 per square foot. The couple purchased the home for $15.7 million in cash back in 2017, a sum that was considered the highest-priced residential transaction in Arizona at the time, per the same outlet.
A Decade-Old Deal, a New Record Attempt
The listing is being handled by Joan Levinson, who also represented both sides of the original 2017 deal, The Real Deal reports. Levinson confirmed her client is a technology company CEO planning to reduce his work schedule and travel more, though she declined to identify him by name, the outlet notes.
Built in 2011 by Lithicum Custom Builders, the estate spans 5.2 acres on Mummy Mountain with architecture designed by SWABACK Architects and interiors by David Michael Miller, according to the same report. The property includes a detached guest house and a 15-car garage, with views stretching to Camelback Mountain, downtown Phoenix, and the Paradise Valley Country Club golf course.
A String of Big-Ticket Sales Around Phoenix
The Sanghi listing lands amid a string of big-ticket sales that have hit Phoenix's suburbs this year, as The Real Deal's subtitle frames it. A Paradise Valley estate sold for $40.2 million in cash in July 2026, setting a new Arizona record for the most expensive home sale, eclipsing the previous record of $33.5 million set in February 2025, according to The Real Deal. That 20,900-square-foot estate on Mockingbird Lane came loaded with a 38-car garage, an underground go-kart track, a gun range, a salon and spa, a detached guest house, and a casita, the publication reported.
Not far away, a 15,000-square-foot mansion in Scottsdale's guard-gated Silverleaf community sold for $29.5 million in cash this year, a record for that community, per bizjournals.com. The Real Deal's earlier reporting also noted that homes in the Phoenix metro's highest-priced quartile appreciated 6.2 percent year over year, compared with gains of just 0 to 1.9 percent in lower-priced segments, according to Homes.com data cited in that report. A listing agent quoted in the same piece said $2,000 per square foot is becoming “the new standard” for top-tier homes in the area.
Millionaire Households Surge Even as Prices Stay Flat
The luxury activity comes as Phoenix's millionaire population keeps expanding. Phoenix-metro households earning at least $1 million annually rose from 257 in 2020 to 1,897 in 2024, a 638 percent increase, according to RentCafe data reported by azbigmedia.com. That same report found millionaire renter households in the metro rose from 20 to 91 over the same period, an increase of 355 percent, while millionaire homeowner households jumped from 237 to 1,806, up 662 percent — growth that placed Phoenix at No. 16 nationwide for households earning at least $1 million annually.
Yet the broader housing market tells a different story. Phoenix home prices have posted only modest annual gains according to the Case-Shiller Home Price Index, and the evidence does not point to a broader housing boom despite all the high-end activity. The Real Deal's earlier coverage similarly described metro-wide prices as having largely flattened over the prior 18 months even as demand at the very top held firm — suggesting Phoenix's luxury market is being propelled less by a citywide boom than by an expanding pool of millionaire buyers chasing a shrinking supply of trophy estates.
Whether the Sanghi estate fetches anywhere near its $29.95 million ask remains to be seen, but it joins a growing list of Valley properties testing just how high that millionaire-driven demand can push prices.
