Spanning the entire top floor of a 59-story high-rise, the 25,000-square-foot penthouse overlooks the Strip.
BY YALING JIANG | ORIGINALLY PUBLISHED ON NOVEMBER 8, 2019 | MANSION GLOBAL
Former New Mexico state Senator Phil Maloof’s penthouse on top of a Las Vegas skyscraper sold for $12.5 million on Nov. 6.
Overlooking the entire Las Vegas valley, the luxury unit comprises 25,000 square feet of indoor and outdoor space on the 59th floor of Palms Place hotel, according to the listing.
The owner, 65-year-old Phil Maloof, first tried to sell the penthouse apartment for $38 million in 2014. He had offered to throw in Picasso paintings and a two-year lease on a Lamborghini before reducing it to $15 million late last year for just the home itself.
Mr. Maloof was a New Mexico state Senator in the 1990s. He also produced several movies in the early 2000s.
Ivan Sher, of Ivan Sher Group, worked on the sale with his colleague Nicole Tomlinson of Berkshire Hathaway HomeServices. Hali Gillin of Keller Williams Southern Nevada, who represented the buyer, couldn’t be immediately reached for comment.
“There’s no property like this in Las Vegas, it offers a 360-degree view of the entire city,” said Ms. Tomlinson, who runs Mr. Sher’s high-rise division. Because it is a condo-hotel, it also allows for short-term rentals, unlike other residential condos in the state, she added.
The tower, built in 2006, was developed by Maloof’s family, which once owned a majority stake in the Sacramento Kings basketball team. Mr. Maloof is intending to buy another home in Las Vegas, Ms. Tomlinson said.
Accessible through a private elevator, the contemporary property has three bedrooms and six bathrooms over 6,230 square feet of indoor space. There is also full home automation, including video, audio, windows and temperature, according to the listing.
The living room features floor-to-ceiling windows, a fireplace, a center-island kitchen, an elevated DJ booth and a gym.
Once you step outside, there is also a hot tub, an outdoor kitchen and a projection wall on the outside of the house, Mr. Sher said.
The buyer, Bryan Ercolano, is the founder of luxury rental service TurnKey Pads, who told the Los Angeles Times that he plans to rent it out for weddings and corporate functions next year.
Mr. Ercolano couldn’t be immediately reached for comment.
Mr. Maloof was planning a helipad but did not finish it, according to Ms. Tomlinson. But the buyer plans to spend around $1 million updating the home and its interiors, including adding a helipad, she said.
The sale was first reported by the Los Angeles Times.