weather icon Mostly Cloudy

Buyer pays $36M for land to build Summit Club estate

A wealthy buyer with ties to California paid a record $36 million for 4.47 acres to build an estate in the Summit Club.

The sale of vacant land, which involved the acquisition of four separate parcels, even blew away the $25 million paid in June for a new home in MacDonald Highlands in Henderson. Real Estate Millions reported the buyer of that home was Anthony Hsieh, the billionaire founder of LoanDepot. Kristen Routh-Silberman of Synergy Sotheby’s International Realty was the Realtor representing the buyer and seller.

The Summit Club lot purchases closed June 15, capping off a momentus month in Las Vegas luxury real estate history.

Three of the four lots were sold by the Discovery Land Co., the developer of the 555-acre Summit Club along with the Howard Hughes Corp., the developer of Summerlin. Those three lots totalled 3.7 acres and $32.25 million, according to Clark County property records.

The buyer is listed as Into the Sunlight LLC, which is registered in California and Nevada with an address listed to a Palo Alto tax firm.

The fourth lot measured 0.77 acres and was bought by Into the Sunlight LLC for $3.75 million. The seller was listed as KAHO 21 LLC, according to Clark County property records.

The Summit said it doesn’t comment on its transactions. Luxury residential Realtor Ivan Sher with Berkshire Hathaway HomeServices, Nevada Properties, said he’s never heard of someone paying that much for lots to build their own home. He speculated it’s a billionaire.

“That’s a record,” Sher said. “For the last 30 years, $17.5 was the highest price someone paid for home and land. Now, we have $25 million for a home. This is $36 million for land. That’s incredible. They would have to be abillionaire and very focused on making Las Vegas a primary residence.”

Don't miss the big stories. Like us on Facebook.
Raiders general manager buys $4.95M Summerlin home

Las Vegas Raiders GM Tom Telesco paid $4.95 million for a home in The Ridges in Summerlin, one of the highlights of March that saw 152 sales of $1 million or higher.

Home + History Las Vegas returns April 25-28

Nevada Preservation Foundation (NPF) is hosting Home + History “A Different Way to Vegas” tours from April 25-28.

Tahoe mountain home lists for $12.75M: Tesla Cybertruck included

The home reflects the natural beauty of its surroundings while integrating Tesla’s sustainable, cutting-edge technology — including a complementary Tesla Cybertruck for the buyer.

IS Luxury ranks No. 1 luxury brokerage

There’s a change at the top of the luxury brokerage rankings in Las Vegas with newcomer IS Luxury overtaking Berkshire Hathaway HomeServices to closeout the 2023 standings that saw a 17 percent drop in the value of those higher-end transactions.

Late novelist’s Boulder City estate is up for auction

Best known for the fantasy series “The Sword of Truth” the late novelist Terry Goodkind’s Boulder City estate is going up for auction.

Local designers weigh in on Kitchen Bath Show

The Kitchen & Bath Industry Show (KBIS), one of the largest trade shows dedicated to kitchen and bath design, was held at the Las Vegas Convention Center from Feb. 27-29. The exhibit hall exploded with bright colors while promoting sustainability.

2024 New American Home sells for $10.17M

The Las Vegas luxury home market picked up steam by posting its best February in history with sales of the 2024 New American Home in Ascaya and a Summerlin estate to Las Vegas Raider defensive end Maxx Crosby. That momentum continued this month with a sale of a mansion in The Summit Club for $19.7 million.

Luxury new home sales skyrocket since 2020

Demand for new luxury homes in the Las Vegas Valley remains strong and builders and developers expect a great 2024 coming off a Super Bowl that saw members of the Kansas City Chiefs rent out multi-million-dollar homes with displays on social media.

Vegas luxury home market kicks off year with $19M sale

The Las Vegas luxury home market got off to a strong start in 2023 by securing the second highest number of sales in history to begin the year, culminating in a $19 million sale at the Summit Club in Summerlin to close January.