2016/08/02

Las Vegas Hillside Estate Lists For $30 Million, Going All In For A Local Record


(SHAY VELICH)
A rendering of SkyView at night. (Shay Velich)
A modern mansion tucked into a Las Vegas hillside hits the market today with an asking price of $30 million. The six-story mansion is the most expensive home for sale in Sin City and $30 million is the third highest price ever asked in the gambling town.
If the home sells anywhere near asking it will shatter the local record, which was set earlier this summer when magician David Copperfield bought an off-market contemporary for $17.55 million. Ivan Sher of Berkshire Hathaway BRK.B +% HomeServices Nevada Properties was the agent on the Copperfield deal and also has this listing.

“We knew it was a stretch for this city, but we also know the city has never seen anything like this,” says Sher, pointing out that Las Vegas was hit especially hard by the housing crisis and that the luxury market there is just now returning to pre-recession peaks. The previous Las Vegas record was set back in 2007 when one of two homes on the exclusive Shadow Creek Golf Club sold for $17.375 million. The high since then was a home Sher sold last August for $11 million near his current listing in the Ridge neighborhood.
Despite the steep odds Sher insists this one of a kind home is worth the price.

The views are a major selling point. In fact, the estate has been dubbed SkySide for its elevation and sweeping panorama encompassing the Las Vegas Strip and broader skyline. (“The Strip is our ocean,” quips Sher.) The home features nine terraces including a 5,000 square-foot rooftop garden. The uppermost floor is a glass enclosed office with 360-degree views. The office is the pinnacle of a three story master suite, which also includes a lounge, an en suite kitchenette and of course a bedroom.

At 23,748 square feet SkyView it close to nine-times the size of a typical single family built today. In addition to the indoor space, the 1.17 acre plot boasts 8,674 square feet of outdoor living and entertainment space. Other amenities include three commercial elevators, an eight-car garage, a massage parlor and hair salon, a recording studio, an indoor basketball court and a full outdoor chef’s kitchen. Inside there is one kitchen for show and one kitchen for cooking.
(SHAY VELICH)
The view Las Vegas from an upper deck. (SHAY VELICH)
The current owners bought the land in 2006 and spent five-years building their dream home. As the home was under construction the husband passed away. Sher says the wife recently moved into the just completed home but has decided to put it up for sale because it was “built for the two of them.” To dissuade anyone thinking widows are desperate to sell and hoping to scoop up the property well below asking, he points out that the owner has no mortgage and suggests construction costs were in the neighborhood of $20 million.

While $20 million-plus listings in Las Vegas are currently as rare as a royal flush, Sher expects to see more on the table soon. “There are new developments coming into Las Vegas that will have homes in this price range and above. What is now an unheard of price in a few years will be part of a handful of the elite,” he says. “There are homes that people have spent over $30 million and even over $50 million constructing in our city that have not come on the market. This happens to be one that has.”
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