B
radley Robertson, a blockchain mogul, has sold 5 acres of raw land in Paradise Valley to an undisclosed buyer for $12.5 million, setting a state record for a single-family lot. The tech entrepreneur purchased the vacant parcel two years ago for $9.4 million and initially listed it for $15 million. The buyer paid cash, with David Larchez of Silverleaf Realty holding the listing.

    The sale works out to $2.5 million an acre, shattering the previous record for a single-family home site in Arizona. The purchase includes plans for a 51,585-square-foot mansion designed by architect Bing Hu. Frank DiMaggio of Compass, who represented the buyer, noted that there are few lots like this available in the area and that the buyer is an entrepreneur with other homes across the US.

    The record deal highlights Paradise Valley's central role in Arizona's luxury market, according to Larchez. The property offers mountain views of Camelback, Mummy, McDowell, and Four Peaks, surrounded by some of the state's most distinguished homes. Robertson, who has founded several web-related startups, was initially open to accepting Bitcoin for the transaction but ultimately received an all-cash deal.