Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
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HAUTE PROPERTY RIGHT: The $8.9 million price tag on this Tournament Hills estate includes a gym, a putting green, and a pool with waterslide. BELOW: This penthouse at the Hughes Center's Park Tower is on the market for close to $10 million. Some have actually upped the price tag, despite the scarcity of big-ticket sales in recent years. 108 GET MOVING Smart buys around the $10 million mark. 9021 Greensboro Lane, $8.9 million: Down from $10.9 million, this six-bedroom, eight-bathroom Summerlin house offers 12,647 square feet of space, a wine cellar and mini-vineyard, a two-story library, a gym, six fireplaces, and a seven-car garage. Shapiro & Sher Group, 702-315-0223; lasvegasfinehomes.com 8101 Obannon Drive, $9.6 million: Practically a steal (its June 2008 price tag was $17.5 million), this 18,000-square-foot mansion has 10 bedrooms and 15 bathrooms, plus three pools, a sports court, a model-airplane runway, and koi ponds. Luxe Estates Collection, 702-684-6100; ironhorsecompound.com 19 Eagles Landing Lane, $10.5 million: Built for entertaining, this 16,169-square-foot home boasts six bedrooms (including a detached casita for guests) and eight bathrooms, as well as underground parking, a covered porch, a barbecue area, and a large deck with a fireplace. Luxe Estates Collection, 702-684-6100; luxeestatescollection.com Within a few months, though, he took it off the market—shortly before his family sold their majority stake in the Sacramento Kings for $347 million. The 13,489-square-foot house at 27 Eagles Landing Lane has six bedrooms, eight bathrooms, an elevator, a movie theater, a curtained massage room, and a 10-car garage. Maloof bought it in July 2007 for $10 million and has tried to sell it on and off since April 2009. Others are still looking for a big payday. In March, Marc Schorr, then chief operating officer of Wynn Resorts (he retired from the company on June 1), listed his 9,000-squarefoot, two-story condo for $9.8 million on Redfin, a real estate listing service. The 19th-floor home at Park Towers has access to a private elevator, and the master bedroom includes a gym. If he or other sellers get desperate, they can always call Lacy Harber. In the past three years, the 77-year-old Texas businessman has purchased more than a dozen luxury homes (most in the range of 10,000 –12,000 square feet) in Las Vegas as investments. He usually plunks down $1 million to $2 million for remodeling and has so far flipped 11 of the homes for a hefty profit— including a 14,306- square-foot, seven-bedroom, 11-bathroom house on Spanish Heights Drive that used to belong to actor Nicolas Cage. If you call him, though, be prepared for a hard bargain. "What they list them for and what they take are two different figures," Harber says. "I don't ever pay retail." V PHOTOGRAPHY BY JIM LINDSTROM (PARK TOWER); COURTESY OF SHAPIRO & SHER GROUP (TOURNAMENT HILLS) continued from page 107 The high-end market had been "very, very soft" in recent years, says broker Bob Barnhart of Luxurious Real Estate (luxurious-estates.com). Average prices during the boom years peaked at $730 per square foot, then plunged during the bust to as low as $350 per square foot. He says the last house to sell for more than $10 million in the Valley was in spring 2011, when casino mogul Phillip Ruffin paid $15 million for an 11-acre estate on Tomiyasu Lane that used to belong to the Sultan of Brunei. The most expensive home to sell this year, at $6.3 million, was a 9,303-square-foot mansion on Orient Express Court in Queensridge. Many sellers refuse to budge on their price in part because the Valley has few empty lots where new mansions can be built. Moreover, unless homeowners need to move out of town, they are wealthy enough to wait for the right price. "Why sell when you don't have to?" says Barnhart. Gavin Maloof knows this firsthand. Maloof upped the price on his Southern Highlands mansion in January by 60 percent, to $12 million. VEGASMAGAZINE.COM 107-108_V_HP_Opener_Sum13.indd 108 6/17/13 2:10 PM