75°F
weather icon Clear

Palms rooftop bachelor pad lists for $15M

Phil Maloof has put his one-of-a-kind Las Vegas condo in Palms Place on the market for $15 million. It was most recently listed in 2014 for $38 million.

Its best feature is that it comprises the entire top floor of the 58-story single tower, a rarity in the Las Vegas luxury high-rise market. It also includes three en suite bedrooms, a DJ booth and a rooftop terrace with true panoramic views of the Las Vegas Valley.

The Maloof family built the Palms Place boutique condo-hotel in 2006, at the height of the real estate bubble, on the west side of the property where they had earlier built the Palms casino.

The building caters to the wealthy traveler who wants a getaway home but is looking to offset expenses by utilizing an in-house managed short-term rental system, said Realtor Nicole Tomlinson of the Ivan Sher Group, Berkshire Hathaway Home Services, which has the listing. Before joining the firm as head of its high-rise division, Tomlinson managed sales at Palms Place.

“The benefit of ownership here is that when you’re not using it, you can go into the rental program. I would say approximately 85 percent (of owners) use it as a second home,” she said.

Tomlinson believes now is the right time to sell the custom-built penthouse. “In this building, there’s a very limited inventory, I think, due to the sports teams that are coming to Las Vegas,” she said.

According to a 2018 Forbes.com post, Phil Maloof is an executive vice president and the point person for Maloof Productions and Maloof Music. He is also the one who discovered the family empire’s latest venture: DrinkAde, a vitamin supplement that may prevent hangovers. The concoction was surely a staple at parties held on the home’s 25,000-square-foot terrace surrounded by an iron safety railing.

With its outdoor kitchen, 15-person hot tub and giant outdoor movie screen, it may well be the largest privately owned rooftop space available in Las Vegas, which makes it attractive to both individual and corporate buyers.

“The real beauty of this penthouse, aside from the amenities and the design that’s been done in here, is this incredible wraparound balcony,” Ivan Sher said.

The look and texture of the deck are industrial, almost like a convention center or hotel lobby. Save for a patch of synthetic lawn, there is no greenery to be found, not even on the western exposure.

The square footage would also allow for a possible interior expansion, said Sher. “It’s very rare in a high-rise that you could expand it. You could add another bedroom.”

The home has a private elevator that empties into a tiled lobby leading into a great room with a 30-foot ceiling and floor-to-ceiling windows. The room is anchored by a sleek bar on one side and a massive fireplace opposite. A steep, asymmetrical stairway leads to a DJ loft space overlooking the action.

Two of the bedrooms can be sealed off from the room by a sliding door. One bedroom is set up as an office with a Murphy bed. The other has an exterior door with a designated dog run. Both have floor-to-ceiling windows.

There is a formal dining room that seats 10 and an updated kitchen with a commercial Subzero refrigerator, a Wolf eight-burner stove and griddle, two warming drawers and two ovens.

The master bedroom is on the east side of the penthouse, including a separate seating area with a wet bar and a retracting television cabinet. Its wraparound windows are easily darkened by an automatic cover system. Lots of recessed pin lights create a star shower to gaze up at while enjoying music from the custom speakers.

The master suite has two closets and divided baths, one with a large Jacuzzi and shower and the other with a Jacuzzi tub. Both have single sink tops.

There is a separate elevator that travels directly from the first floor to a space off the master suite. This is in addition to the private elevator to the condo’s entrance.

It is the only residence in the building that has its own gym, said Sher, because most of the units have only two bedrooms or two bedrooms with a spa room. Residents also have access to a sixth-floor, 60,000-square-foot spa and fitness center with a Pilates studio and outdoor pools.

The penthouse comes with H-1 zoning, which Sher said would allow for some type of gaming component. “You can actually put gaming up here.”

With the recent changes happening at the Palms (now owned by Stations Casinos), Sher said the buyer will surely be someone who enjoys the lure of the Strip, but prefers to enjoy it from a slight distance — enough to enjoy the fireworks without having to negotiate the large crowds that accompany those iconic events. With an on-site restaurant, Laguna, that offers delivery, a true homebody might not ever need to leave the premises.

“There’s some beautiful penthouses in Vegas, but there’s really nothing that compares to this, from the standpoint of being the highest floor, and having all this outdoor space,” Sher added.

Don't miss the big stories. Like us on Facebook.
THE LATEST
MacDonald Highlands highrise gets city green light

A $900 million luxury resort-style condominium project within the private guard-gated MacDonald Highlands is on track to begin site work in early June after the Henderson City Council gave the green light.

High-rise resale market remains strong

Led by a $6.5 million cash sale of a penthouse at Turnberry Place on May 5, Las Vegas had its most-ever highrise resales to start the year.

The benefits of purchasing a curated custom home

Luxury custom homebuyers now have more options than waiting up to two years to build their own home. Increasingly, they are choosing to work with licensed architects and builders who can deliver an evolved custom build experience — a completely unique and curated custom home in less time, with a more realistic price tag and without the many heartaches and frustrations that come along with a traditional custom build.

New American Home returns to Las Vegas with latest technology, innovations

The 2023 New American Home is under construction at 19 Rockstream Drive in the Ascaya, a luxury Henderson residential community. The showcase home unveils to event attendees during next year’s IBS, Jan. 31-Feb. 2 in Las Vegas.

Lone Mountain estate lists for $8.495M

“The owners took influences from the beautiful places they’ve traveled and incorporated it into the overall design.” said Frank Napoli, owner/realtor of The Napoli Group, Berkshire Hathaway HomeServices, Nevada Properties. “This home is a showpiece, but it is also a comfortable place to live. It feels like a home.”

Former home of Las Vegas icon lists for $2M

The late Bob Stupak, or the “Polish Maverick” as he called himself, is known as one of the first 100 risk-takers who moved to the area and built Vegas into what it is today.

March sets record for Las Vegas luxury real estate

Las Vegas set an all-time record in March for luxury home sales of $1 million and higher, led by an $11.4 million sale in Summerlin.

 
Remodeled Red Rock Country Club home lists at $3.5M

In a luxury segment with limited inventory, putting an aging million-dollar-plus home on the market doesn’t guarantee there’s a buyer, even with such high demand. Buyers, today, want the latest technology, high-end finishes and more open floor plans.

It’s official: Former Raiders coach Jon Gruden sells home

Former Las Vegas Raiders head coach Jon Gruden sold his Southern Highlands home and adjoining lot for $7.025 million, just below the $7.5 million asking price.