8117 E GRAY Road, Scottsdale, AZ 85260, Scottsdale, 85260 - 5 bed, 4 bath
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Scottsdale, AZ 85260
This 1.38-acre estate represents a High-Potential Investment Opportunity, listed at a List Price of $2,400,000. While priced slightly above the $2,355,571 Fair Market Value, the property offers rare scale in Patterson Ranch. With a Condition Rating of 5, the existing 1978 structure requires significant modernization, providing a blank canvas for a custom legacy estate. Featuring mountain views, a detached guest house, and equestrian heritage, this asset is ideal for Value-Add Investors or Custom Home Builders seeking to maximize the potential of this expansive, non-HOA homesite.
Property is extensive renovation needed.
Built in 1978 (46 years old) and held by the same owner for 34 years, the property lacks any mention of recent renovations. The listing description emphasizes the land value and the opportunity to build a custom estate 'from the ground up' or 'restore and modernize,' indicating the existing structure is significantly dated and requires a full rehab.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 60112, living area = 4053.
Situated on a rare 1.38-acre lot, this property represents one of the largest buildable homesites in Patterson Ranch, offering unparalleled privacy and the scale to create a custom legacy estate.
The estate features a detached one-bedroom guest house with its own dedicated office, providing an ideal setup for multigenerational living, long-term guests, or a sophisticated remote workspace.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 4053, other record living area = 3053.
Built in 1978 and held by the same owner for 34 years, the existing residence likely requires significant modernization or a complete rebuild to meet the standards of today's luxury buyers.
At a $2.4M entry point for what is essentially a redevelopment opportunity, buyers must be prepared for a high total investment when factoring in the costs of a major renovation or ground-up construction.
**A once-in-a-generation opportunity to own one of the most iconic estates in Patterson Ranch!** Offered for the first time in 34 years, this landmark 1.38-acre estate represents one of the largest buildable homesites to become available in Patterson Ranch in years. Rich in neighborhood history, the property has long been recognized as one of the area's signature equestrian estates--once serving as a destination for horse training and riding while preserving the authentic character that made this neighborhood so sought after. Whether your vision is to restore and modernize a timeless horse property or create a spectacular custom estate from the ground up, the possibilities here are extraordinary. The existing residence offers a versatile floor plan featuring a four-bedroom main home with dedicated office, complemented by a detached one-bedroom, one-bath guest house with its own office--providing ample flexibility for multigenerational living, guests, or a private workspace. Surrounded by mature landscaping and expansive grounds, the property offers the rare combination of privacy, scale, and history in one of Scottsdale's most coveted acreage communities. Build the legacy home you've always envisioned, preserve the equestrian heritage, or thoughtfully reimagine the existing improvements into a truly exceptional estate. Properties of this caliber and significance rarely become available.
No exterior & parking available.
Grades K-6 • 1.1 mi
Grades 7-8 • 2.8 mi
Grades 9-12 • 3.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 5.0 | 0.0 |
| Baths | 4.0 | 0.0 |
| Square foot | 4,053 | - |
| Lot Size | 60,112 | - |
| Price | $2.40M | $1.25M |
| Price per sq ft | $592 | $475 |
| Built year | 1978 | 0 |
| HOA | $0 | $0 |
| Days on market | 26 | 2493 |
Jun 26, 2026
$2,400,000
Initial Listing