Luxury Phoenix homes "Chateaux on Central" sell for bargain price

Phoenix’s cluster of brick mini-mansions called Chateaux on Central has a new owner. Wisconsin-based MSI West Investments paid $7 million for the 21 homes with elevators and rooftop terraces.
The high-profile project was started during the housing boom. Then plans called for the homes, some with turrets and wine cellars, to sell for $2.8 million and higher. The current deal breaks down to less than $350,000 a home.
Chateaux on Central, at Central Avenue and Palm Lane, has been tied up in Mortgages Ltd.’s financial problems for the past few years. When the original lender Desert Hills Bank filed to foreclose in …

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