The iconic Ascension Lutheran Church in Paradise Valley — practically across the street from the sprawling Ritz Carlton project under development — has been sold for $11 million in cash.

The buyers plan to raze the nearly 60-year-old structure to build luxury custom homes on the 5.3-acre parcel, said Jay Mecray, who represented the buyer and who is part of the residential development team. The deal closed on July 24.

A few years ago, the church at 7100 N. Mockingbird Lane already had sold off a corner 1-acre parcel, where a single luxury home is being built.

Frank DiMaggio, managing partner of Launch Powered By Compass, represented the church in the transaction that closed within five days and fetched $500,000 above the $10.5 million list price.

"We had multiple buyers vying for it," DiMaggio said. "The price was escalating. They were all interested in doing residential lots. This buyer was most persistent and stepped to the plate with the best price and best terms for the church."

The Town of Paradise Valley requires that every home developed in the town be built on at least one acre, which means the acreage will yield four or five homes.

"To me, it's such an iconic piece of Paradise Valley that people have been driving by for so many years," DiMaggio said. "It's one of the main through-ways of Paradise Valley."