Mr. Carraro's dreams were ended by the stock market crash of 1929, and he sold the castle to Edward Tovrea, a business man who owned a meat packing plant on adjoining acreage.The castle was lived in by the Tovreas until Mrs. Tovreas' death in 1969. The house was opened to the public only once, for one weekend in 1984. In 1993, the City of Phoenix bought the castle along with 40 acres, and is planning to restore the castle for use as a visitors center.
Here are some other webpages with more information.
http://phoenix.citysearch.com/profile?id=1625266
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On 6-4-11, I received these links:
http://phoenix.gov/PARKS/tovrea.html
http://www.azcentral.com/news/articles/2010/09/12/20100912tovrea-castle-phoenix-landmark.html
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Picture and info courtesy of Phil Bilzor.