Boutique real estate company lands $5M property

PHOENIX (3TV/CBS 5) - A boutique real estate company has landed a multi-million dollar property right here in the Valley. This isn't your average mansion, or your average broker.

Nestled at the base of Camelback Mountain, you'll find a multi-million dollar property on the market. The 10,000-square-foot mansion lives up to its very nickname, El Palacio.

It was built in the late 1990s and was once home to an eccentric billionaire. Celebrities including Jennifer Anniston and President H.W. Bush have graced the grounds. It's located on the grounds of the Royal Palms Hotel. 

In a prime location and with prime features, like its awe-inspiring grand gold leaf columns, mosaics, and sculptures, the estate is truly fit for a royal.

"From that doorway they actually made these beautiful carvings on the wall, and if you also look at the same carvings that were made by hand on the walls as well," said Heena Khatri with Urban Citi Reality.

She says it wasn't easy attaching the name of her boutique agency to the nearly $5 million property.

Now that they've landed it, she says, "It is a tough one. This one's going to be a tough listing as a residential luxury listing for the simple reason that it's so unique in its points."

Khatri started the boutique agency seven years ago, and she doesn't have multiple agents showing homes. It's just her and business partner Ashley Walters. If you ask Khatri, that's all she needs to prove herself and her company.

"If we can accomplish this together," she said, "then I think that we've got a lot to say about ourselves here, don't you think?"

It's going to take a very specific buyer, and likely one who plans on endless entertainment. The outdoor gardens span more than an acre with an exclusive 80-person bar, a band station for live entertainment, and private valet and security areas to ensure the safety of VIP guests. 

It may be beyond the reach of the average home buyer, but the same principles apply: serving the client with an eye to the economy, the market and potential benefits to the community.

"I'm hoping that it's going help us achieve the credibility that we already have in the market and reinforce our credibility, and make us stronger as a company and put that little crest saying, 'Hey, we sold this property. It was so hard to sell. (Here's) what we can do with your home,' " she said.

Copyright 2015 KPHO/KTVK (KPHO Broadcasting Corporation). All rights reserved.
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