A super luxury villa in Ahwatukee was sold at a huge loss (picture)

A super luxury villa in Ahwatukee was sold at a huge loss (picture) Ah…

>Ahwatukee’s ultra-luxury villa: Summer Villa

A ultra-luxury villa at the foot of Ahwatukee Mountain was sold for 1.8 million, which was more than half the original price of 4.2 million.

Patterson, the original owner of the house, said he was at a loss. The 10,000-square-foot, Tucson-style villa was built in a gated community called Summerland Estates, where Patterson and his children have lived since 2008. He spent $3 million to build the house, which has seven bedrooms, six and a half baths, two kitchens, an elevator, three laundry rooms, a movie theater with a 10-foot screen and eight theater seats, and a heated pool and waterfall slide. Much of the interior was custom-made, such as marble vessels, hand-carved hardwood floors, limestone pillars and fireplaces, and wood ceilings. The entire villa has an elegant, nostalgic feel that one might expect to find in a house like this in Europe rather than in Ahwatukee.

Patterson has a master's degree in business administration and a real estate broker's license. When his house was built, it was when the real estate bubble burst. He originally planned to live in the house for a few years, and when his children graduated from high school, he would sell the house and make another fortune. But things didn't go as smoothly as he imagined. The house was put on the market in the spring of 2010 with a price tag of $4.2 million. Many people came to view it, but no one bought it. After that, the owner lowered the price three times. An Ahwatukee family with eight children decided to buy their home for $2.2 million. The contract was signed, but then the buyer's appraiser believed the house was only worth $1.8 million, so he had to go back to the negotiating table. The two families finally agreed to settle the deal for 1.8 million. The owner said the appraiser had never been here and had no idea about the prices. In May, blind selection of appraisers began to be implemented across the country, which means that appraisers may go to places with which they are very unfamiliar to conduct appraisals. Patterson can only accept this price which is much lower than his overdue price.

(News from The Arizona Republic)