Monday, July 18, 2016

Scottsdale pays $4M for desert home, lets seller stay rent-free for life

Scottsdale taxpayers will soon be the owners of a secluded home surrounded by the city's expansive McDowell Sonoran Preserve, but only one resident will have the ability to live there.

The Scottsdale City Council on July 5 unanimously approved a $4 million purchase of the five-acre property — more than $1.4 million above the city's appraised value — including a provision in the contract allowing the seller to remain there for the rest of his life.

Read more... http://www.azcentral.com/story/news/local/scottsdale/2016/07/18/scottsdale-pays-4m-desert-home-lets-seller-stay-rent-free-life/86981714/

Reuters: Financial Services and Real Estate

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