In recent months, much uncertainty has revolved around the fate of Greasewood Flat, an iconic North Scottsdale restaurant and bar, and the 42-acre property on which it sits. Located nearby to the luxury community of Troon North, the Southwestern-themed North Scottsdale restaurant is owned by the family members of the late George “Doc” Cavalliere. The 42-acre parcel, however, was recently purchased by builder Taylor Morrison Homes.
The death of Doc Cavalliere in 2009 left the Cavalliere family with a $1 million estate-tax bill and a family trust that had created another $1.5 million debt through a line of credit. One way to resolve these debts was to sell the property that held Greasewood Flat and Reata Pass to the North. Concerns quickly arose regarding whether such a step would lead to the closure of Greasewood Flat. Luckily, the Cavalliere family was able to make a deal with Taylor Morrison that would allow the North Scottsdale restaurant to remain open for business.
Taylor Morrison spent $8 million for the 42-acres last November. The sale of the property was enough to cover the family’s debts and to relocate Greasewood Flat – a win for all parties.
Currently, both the family and the builder are waiting for the city to approve plans for the site. Taylor Morrison looks to re-develop the 42-acre parcel along Alma School Road, along with 80-acres east of the property. The Cavallieres will retain 40-acres of the eastern property for the development of several homes and the new location for Greasewood Flat. The North Scottsdale restaurant is a major attraction for tourism in the area, as well as a treasured haunt for local residents. Many are happy with the news of its continued operation.
North Scottsdale is an affluent region with a rich history and a resort-like atmosphere. At Trillium Properties, we specialize in luxury Troon North communities. Give us a call at (602) 791-0536 if you are interested in setting up a viewing of any North Scottsdale homes for sale.
Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TroonRealEstate.com
Voted in the Top 3 Realtors in Arizona, by the readers of Ranking Arizona Magazine, 2015-2025. Her background as an Attorney gives her special expertise with contracts and negotiations. Carmen has a proven track record of success with buyers and sellers in Scottsdale.
