Phoenix Castle with Bankruptcy Past Sells for $1.45 Million
Part of my morning routine involves checking my “Phoenix bankruptcy” Google news alert. Does this make me a bankruptcy dweeb? Maybe, but I am not ashamed. While I have other resources to stay ahead of changes in Arizona bankruptcy law, I think it is important to know about references to your field made in popular culture. Below is a snippet of news headlines from today:
In case you missed the significance, let me draw your attention to item number 2: “Phoenix Man Buys Castle for $1.45 Million.” A castle in Phoenix; how cool is that? Many Arizona natives likely are familiar with the history behind this amazing piece of architecture. For transplants like myself, I have done a little research.
Copenhaver Castle is a private residence located on the South side of Camelback Mountain and built in a medieval architectural style; utilizing details such as rose-hued cut stone walls, round towers, and arched windows. The exterior walls were constructed from native stone taken from the home site.
How did this castle come to be? While it may look ancient, the residence was actually constructed over a period of twelve years, starting in 1967. It was the brain-child of Phoenix orthodontist Dr. Mort Copenhaver, who dreamed it up from memories of an old Moorish castle depicted in film.
What does this magnificent home have to do with Arizona bankruptcy? Unfortunately, the home was lost in bankruptcy in the 1980s due to attached business liens. Chase bank of Arizona owner the home for several years, before selling it for less than $1,000,000. While the subsequent owner had listed the home for as high as $10,000,000, the most recent selling price was influenced by the current state of Arizona’s high-end real estate market.