March 15, 2019 - 4:15 pm
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.
About the penthouse
Location: 4381 W. Flamingo Road, PH 59301, Palms Place
Size: 6,230 square feet inside with 25,000 rooftop square footage, three bedrooms and five baths,
Features: Wraparound rooftop terrace with 500-plus capacity; elevated hot tub, outdoor commercial kitchen, hardwood floors, workout room, dining room, outdoor theater screen, automatic control system, community gym and spa, private elevators, DJ booth, special lights in great room, concierge, door attendant, parking and valet service. Zoned H-1. Staged by Meridith Baer Home.
History: Owned by Phillip J. Maloof. Was listed for sale in June 2014 for $38 million. Was put back on the market this year.
HOA Fee: $4,481 per month
Listing: Ivan Sher, Ivan Sher Group, Berkshire Hathaway Home Services