Phoenix Business Journal | August 6, 2026

Luxury developer sells Paradise Valley estate for $19M and the drywall isn’t even in yet.

Scottsdale-based MDF Development has sold a Paradise Valley home it is developing for $19 million — even before the drywall has been installed.

Closing on Aug. 3, the house is about 60% completed, said Frank DiMaggio, co-founder of MDF Development who also served as listing agent under his license with The Agency’s Scottsdale office, where he serves as managing partner.

Bringing the buyer to the table was Chris Karas, founder and president of The Karas Group at Compass Arizona who recently has sold several luxury properties.

While he declined to identify his client, Karas said the buyers are from California.

Facing limited inventory of luxury homes on big lots in ideal locations, his clients jumped on the opportunity to buy the estate while it was under construction, Karas said.

Plus, he said, they will have an opportunity to provide input into the construction of their new home.

It also is a single-level home on a flat lot.

“Historically, the data shows that our single-level homes definitely perform a lot better than any of our two-story homes on the flat lots,” he said.

The 14,131-square-foot estate with six bedrooms and 11 bathrooms sits on 2.218 acres along the Camelback Country Club golf course near Double Tree Ranch Road and Invergordon Drive.

The architect was Matt Thomas, landscape was provided by Berghoff Design and interior design was provided by Lauren Wallace, DiMaggio’s wife and co-founder of MDF Development.

It is within the El Maro Estates subdivision, one of Paradise Valley’s few true gated communities, DiMaggio said, boasting oversized lots.

Many of the homes within the El Maro Estates were built by Dave Hansen, including the estate at 6450 E. El Maro Circle that sold for $19 million.

“He was a timeless builder of his era,” DiMaggio said. “I’m always look for his stuff.”

DiMaggio ended up preserving a portion of the estate Hansen originally built.

His financier, who DiMaggio declined to disclose, also pushed for high-quality construction and finishes, rather than cutting costs.

“From the beginning, his attitude was do it right and the sale price will take care of itself,” DiMaggio said.

The estate includes an indoor/outdoor wellness retreat with gym, steam room, sauna, massage, red light therapy and a yoga area.

Article By:

Angela Gonzalez | Senior Reporter Phoenix Business Journaldent