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PARADISE VALLEY, AZ — Arizona’s largest private residence has a new owner who plans to invest $40 million to renovate the iconic estate that sits atop Sugar Loaf Mountain in Paradise Valley.
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Listed for $16 million in June 2022, the 52,000-square-foot McCune Mansion sold for $9 million, closing on May 27.
Built in 1967 for Pennzoil heir Walker McCune at 6112 N. Paradise View Drive, the property ended up in the hands of Jamie and George “Geordie” Hormel — a member of the family behind the Hormel Foods meat-packing empire.
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When the couple moved to Arizona from California in 1991, they bought the mansion for $3.75 million and then bought the Wrigley Mansion a year later for $2.6 million.
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Read more of this story from the Business Journal.