Billionaire Phillip Ruffin buys home in Summerlin’s Red Rock

Phillip G. Ruffin, American self-made billionaire, with business interests in casinos, greyhound racing, oil production, convenience stores and real estate, closed escrow Oct. 22 on a 9,312-square-foot home in Summerlin's Red Rock Country Club Estates.

Ruffin is the former owner of the New Frontier Hotel and Casino, which was imploded in the early morning hours Nov. 13. He sold the aging Strip property for its land value of more than $1.2 billion to El Ad Properties.

Currently, Ruffin holds a half interest in the Strip's Trump International Hotel and Tower, which is located near where the New Frontier once stood.

According to Ruffin's Realtor, Gloria Flores of Dyson and Dyson Sotheby's International, her client was unavailable for comment.

Located on almost a half acre, the newly built home was listed at $6 million by Bob Barnhart, owner of Red Rock Realty. Ruffin paid $5.7 million cash.

The seven-bedroom, nine-bath Tuscan-style home is replete with custom stone work, gourmet chef's kitchen, theatre room, separate gym, full wet bar with built-in wine captains and casita.

Outdoor kitchen and fireplace are in an enclosed courtyard with an oasis pool/spa with mountain and golf views.

The master suite is 54 feet by 25 feet with a balcony, sitting room, walk-in closet separate makeup and double sink area and tubjet.

While much rhetoric has been tossed across various media in regard to the decline of the housing market in Las Vegas, Barnhart said he doesn't see it.

"Looking at the high-end sales in the past year, over 20 homes have closed above the $4 million mark in Las Vegas. With this evidence, it is apparent that our luxury market is only getting stronger and we are now on the same level as all major cities in the country," Barnhart said.

Heavy Hitter Glen Lerner sells Summerlin home for $4.9 million

Moving on up, attorney Heavy Hitter Glen Lerner sold his Bellacere, Summerlin, home for $4.9 million, closing escrow on Oct. 18. Lerner paid $2,945,755 when he purchased it in August 2003.

According to his Realtor, Thomas Love, of the Thomas Love Group, with Realty Executives of Nevada, "I brought two of our own buyers, plus another buyer to create a bidding war which enabled us to achieve top dollar for my client. The asking price was $4,999,999. It sold for $4,900,000, the highest sales price in Bellacere's history."

Lerner, a personal injury attorney whose television commercials imply going to bat for each client, will be moving into The Ridges Village in Summerlin, which is located at more than 3,000 feet above sea level near the Red Rock Canyon National Conservation Area.

The house is under construction and will cost more than $20 million, Love said.

In a call to Love from Denmark where Lerner was having dinner, the attorney revealed that he is 43 and his wife, Robyn, is 31.

According to Love, who has been in the Las Vegas luxury market for 20 years, they have two children.

"Lerner listens. He did everything I asked him to. He is easygoing and never asked for a discount on my commission."

The 8,265-square-foot home sits on a 1-acre corner lot and features an eight-car garage. The new owner, who wishes to remain anonymous, has a lot of cars as part of a personal hobby, according to Love.

Along with six bedrooms and eight baths, the residence features a state-of-the art theater and surveillance system, cigar room, 400-gallon salt-water aquarium, sports court and guest house.

Love sums up the current state of the Las Vegas luxury market: "I see a lot more money coming into town. Now is the best market in Vegas."

Joan Schiller Travis can be reached at 702-338-9797 or JTwriter@cox.net.