Atop a Las Vegas skyscraper, an extravagant penthouse that reflects the city’s over-the-top glitz and glamour just traded hands for $12.475 million.
The three-bedroom condo was owned by former New Mexico state Sen. Phil Maloof, whose family developed the building, as well as the Palms Casino Resort next door. He first floated it for sale at $38 million five years ago — offering to throw in some Pablo Picasso paintings and a two-year lease on a Lamborghini — before trimming the price to $15 million late last year.
It was bought by a group headed by Bryan Ercolano, founder of luxury rental service TurnKey Pads. He told The Times he plans to rent it out for weddings, corporate functions and Raiders events once the team moves to Vegas next year.
Occupying the entire 59th floor of Palms Place, the home is a 6,200-square-foot cocktail of contemporary living spaces, LED lights and Vegas-esque amenities. A professional-grade wet bar anchors the living room. A DJ booth overlooks the space from above.
There’s also a formal dining room, sleek center-island kitchen, gym and office. Lined with glass, the master suite expands to a wraparound deck overlooking the Strip.
The opulence continues upstairs, where a rooftop deck with room for 500 people tacks on some more amenities. In addition to a series of living and dining areas, it holds a hot tub and movie screen.
The Maloof family has deep ties to Las Vegas. They’re minority owners of the Vegas Golden Knights NHL team and have opened two casinos in the city: the Palms Casino Resort and Fiesta Rancho.
Ivan Sher of Berkshire Hathaway HomeServices Nevada Properties held the listing. Hali Gillin of Keller Williams Southern Nevada represented the buyer.