Two prominent Scottsdale homeowners are looking to unload multimillion dollar properties in northern Scottsdale.
William Gallacher and Joanne Stansfield are selling their palatial 14,350-square-foot home in the Silverleaf community near the McDowell Sonoran Preserve for $26 million.
The property is currently the highest-priced home in Maricopa County.
Gallacher, the Canadian founder of Athalbasca Oil and owner of the Portland Winterhawks junior hockey team, and Stansfield bought the property in 2016 for $11.11 million, according to records on file with the Maricopa County Assessor’s Office.
The property underwent an extensive renovation since then, with the couple bringing in Toronto architect Wayne Swardon and Scottsdale-based Salcito Custom Homes to redesign and rebuild the property.
Situated on four acres, the property features six rooms in the main home, two guest quarters and a caretaker’s quarters.
The home also has a high-end audio-visual system, fully-automated 10-foot doors, lighting handmade by New York-based Pagani Studio and a commercial-style kitchen with walk-in freezer.
The property also has a lap pool, a recreation pool, a sauna, five laundry rooms and wine storage that can fit over 1,000 bottles.
The Canadian couple is looking to make a nearly $15-million profit on the purchase price of the property, though only time will tell if the market will bear that price.
Just look at the home for sale by investor and former Magellan Fund manager Peter Lynch.
The home, which was listed at $9.5 million, will be sold without reserve at auction via Concierge Auctions. Lynch bought the home for
Lynch previously tried to sell the home for $14 million in 2016, according to the Wall Street Journal.
“This home has been for sale and was perhaps overpriced for quite some time with a different brokerage,” said Julie Rohr of Walt Danley Realty, who represents the property. “We priced it in realm of correct pricing.”
Rohr said that making money on these high end homes is difficult.
“The days of making money on the high end home resale – I don’t see anytime soon where that is going to be a thing,” she said.
Lynch’s property does have quite a few amenities.
The estate features three buildings and was designed by Jeff Biever Architecture and Mariette Gomez Design Group.
Property records indicate Lynch purchased the property in 2000, though the sale price is unknown.
Located adjacent to Pinnacle Peak, the 14,231-square-foot main house is located on over three acres of land and features eight bedrooms, a chef’s kitchen, spa bath and clerestory windows.
Outdoors, the property features a pool with waterfall, an underground waterslide and a private guest house and close up views of desert plants and landscapes.
The estate also has a three-car garage, game room and a library.
Rohr said that going the auction route is a way to highlight the property’s unique features and reach a unique subset of buyers.
“Certain properties are becoming so unique and special that after trying the old standard ways, at least from my perspective, we look at how can we can amplify this sale,” she said, adding:
“Concierge Options knows how to do this and brings another segment of affluent buyers to the party…I think there are affluent real estate consumers who enjoy the bidding and auction process.”
Kim Fowler of Concierge Auctions said that the auction process brings out a sense of urgency for buyers from all over the world who are considering purchasing in Scottsdale.
“We already people flying in from our database to see property this week,” she said.
Fowler said that the property is unique even within the Estancia community and she expects fellow residents of the community to bid.
Rohr said Scottsdale homes regularly draw the attention of buyers from California and the Northwest but that she is also seeing increased attention from buyers from the northeast who would traditionally opt for Florida for winter homes.
“The Arizona climate is not prone to lot of home damaging elements that Mother Nature can throw at you,” Rohr said.
The subset of buyers that can afford these types of properties is rather small.
“It is certainly more rarified air when you get over the $5 to $6 million range, and the pool of buyers is probably much smaller,” Rohr said.
Fowler said buyers must prequalify before they can bid on the home. Qualifications include providing a proof of funds, the ability to close an all cash sale in 30 days and putting $100,000 in escrow.
The auction will be open from Dec. 11 to Dec. 14 and can be accessed on Concierge Auctions’ website.
(Special to the Progress) Former Magellan Fund manager Peter Lynch is selling his Estancia estate at auction. He previously tried to sell the property for $14 million in 2016 to no avail.
During the last 30 minutes of bidding, each bidder will have their own bid assistant sitting with the auctioneer who they can call for assistance.