CBRE has directed the successful sale of the former Castle Hot Springs resort located in Yavapai County, Ariz. In an online auction held on February 27th, an entity composed of Phoenix-area businessmen purchased the historic, desert oasis property for $1.95 million.
“The buyer is presently reviewing all options for the future use of the property,” said Dave Headstream with CBRE’s Land Services Group in Phoenix, who in conjunction with CBRE Auction Services, worked on behalf of the seller, New York City-based EktornetUS, a susidiary of Swedbank. The buyer was Delaware-based CHS3, LLC.
Opened in 1896, the ±210-acre Castle Hot Springs resort was considered one of the premier resorts in the United States, attracting prominent families such as the Roosevelts, Vanderbilts, Wrigleys, and Astors. Listed on the National Register of Historic Places, the property features ±210 acres, nestled in the shadows of the Bradshaw Mountains, five miles from Lake Pleasant Regional Park. The former world class resort contains a lush lawn containing ±550 majestic 100-year old palm trees, a ±125,000 gallon swimming pool, tennis courts, expansive mountain views, a ±4,800 square foot administrative building, and ±2,000 square foot three-bedroom guest house with maintenance building and horse stables. Perhaps its most notable feature is the 118° natural hot spring that produces ±180,000 gallons of pure water per day, which were believed to have mythical healing powers dating back to the 19th century.