
Phoenix, AZ 85018
Analysis of 5500 N DROMEDARY Road, Phoenix, AZ 85018 is currently available with a list price of $24,000,000. The property maintains a Poor Condition Rating (30/100), indicating the property requires renovation and updates to maximize its market potential. This presents opportunities for value-add investors. Located in a high-demand neighborhood within the Phoenix Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Property is extensive renovation needed.
Built in 1950, this property is primarily marketed as a 'buildable opportunity' and a 'development' site rather than a move-in ready home. The existing 4,661-square-foot residence is functionally obsolete for modern luxury standards, featuring only one bedroom. Interior photos reveal dated finishes, including worn carpeting with visible seams and aging architectural elements. While the Frank Lloyd Wright-inspired design is iconic, the infrastructure is original and requires substantial rehabilitation or demolition to realize the property's highest and best use, as evidenced by the $24 million valuation being tied almost entirely to the 23.66 acres of land and subdivision potential.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 1030629, living area = 4641.
The massive 23.66-acre lot is a rare buildable opportunity on Camelback Mountain, offering the unique flexibility to subdivide into up to four separate luxury parcels or create an expansive private compound.
Known as the 'Merry Christmas House,' this estate provides breathtaking 180-degree panoramic valley views and dramatic mountain cliff backdrops from one of Phoenix's most prestigious elevations.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =1030629, other record lot size in square feet = 756202.
Originally built in 1950 and featuring only one bedroom despite its large square footage, the current structure likely requires a total renovation or teardown to meet modern luxury standards.
The $24 million price point combined with the complexities of mountain development and potential subdivision costs targets an extremely niche segment of ultra-high-net-worth buyers.
Iconic Camelback Mountain Estate: A Rare, Once-in-a-Lifetime Buildable Opportunity Perched on the slopes of the iconic Camelback Mountain, this extraordinary 23.66-acre estate represents one of the last and most significant buildable properties on the mountain. Offering more than 180 degrees of sweeping valley views—with Camelback's dramatic cliffs rising behind—the property is known throughout the community as the celebrated ''Merry Christmas House.'' Cherished by the same family for decades, it now awaits its next remarkable chapter. The existing 4,661-square-foot residence, originally built in the 1950s, reflects the timeless influence of Frank Lloyd Wright. Organic architecture, expansive glass walls, stone accents, and a seamless blend of indoor and outdoor living create a tranquil private sanctuary that feels both grounded in the landscape and elevated above the city lights. Beyond its architectural legacy, the property's 23.66 acres offer exceptional potential for future development, including the opportunity to subdivide into up to four parcels. Whether envisioning a family compound, multiple luxury estates, or reimagining the existing residence, the possibilities are unparalleled. Conceptual floorplan and site plan designs by renowned architect Mark Candelaria are also available to inspire your vision. Privately gated and surrounded by natural desert beauty, this estate combines unmatched privacy, panoramic vistas, and rare development flexibilityall just minutes from the heart of the city. Whether preserved, expanded, or completely transformed, this is a truly once-in-a-lifetime chance to own a piece of Arizona history on one of its most iconic mountain peaks.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 4.0 | 0% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 4,641 | 2,715 | 89% |
| Lot Size | 1,030,629 | 9,936 | 100% |
| Price | $24.00M | $1.20M | 100% |
| Price per sq ft | $5.2K | $473 | 100% |
| Built year | 1950 | 1961 | 4% |
| HOA | $0 | $0 | 50% |
| Days on market | 156 | 1537 | 12% |
Nov 21, 2025
$24,000,000
Initial Listing