Red Rock Realty achieves new high with $9 million sale in Summerlin

Long synonymous for ultra-luxury megaresorts, Las Vegas in recent years has built a worldwide reputation as the home of ultra-luxury megamansions, according to Bob and Jill Barnhart of Red Rock Realty, specialists in the fine homes market for close to a decade.

"We sell more than just homes, we sell a lifestyle," Bob Barnhart said. "The popularity of Las Vegas, the land of new billion dollar megaresorts, and the influx of 'A-list' personalities have been a gateway for the city's fine homes market."

Earlier this month, the Barnharts completed one of the largest-ever transactions on a private luxury estate in the valley, selling the custom home of longtime residents Linda and Russell Karlen at 9021 Greensboro Lane for $9 million. The Mediterranean-style estate is located in the Tournament Hills neighborhood, one of the most prestigious in Summerlin.

The sale topped the $700 per square-foot mark - a rate usually associated only with high-rise residences along the Strip - and set the record for the highest closing price in Summerlin history. Barnhart said the sale reflects the demand for the city's rapidly emerging ultra-luxury home market, which has seen a rise in closings priced estates above $5 million.

"For those who can live anywhere they choose, the must-have address is Las Vegas," Barnhart said. "People from all over the world want to live in Las Vegas. They want to live and play in this fascinating and exciting city."

The most recent comparable sale for the area was just last year, when the Barnharts listed and sold the Queensridge megamansion of strip club mogul Michael Galardi. Measuring nearly 33,000 square feet under roof, it sold for $14 million in February of 2006.

The 12,647-square-foot, Tuscan-style residence, which occupies a parcel measuring nearly an acre at the end of a private cul-de-sac, provides six bedrooms and six baths arranged as distinct suites, plus two half-baths.

Other attributes of the home include a two-story library, a climate-controlled wine cellar with a tasting room, a private screening room, wellness center and three-story picture windows overlooking the golf course, mountains and skyline. Tucked away is a garage large enough for seven vehicles.

"From the palm trees adorning its perimeter to the intricately winding stone staircase inside, all the way to the fanciful oasis-style swimming pool in the rear, the estate samples some of the finest appointments found in several of our city's most renowned hotels," Barnhart said.

"The home is a classic, one that will long symbolize Las Vegas' reputation as an opulent resort city."

For the vacation home buyer, the estate is also a retreat, Barnhart said, backing up to the Tournament Players Club at Summerlin golf course, the private course that hosts the PGA Tour's Frys.com tournament where golfer Tiger Woods took home his first trophy.

"For years, people have come from all over the world to enjoy the lavish environment of our elite resort properties and the energy of the Strip," Barnhart said. "A select few now seek the same amenities in a private dwelling, a place where they get away from the action if they so choose."

The Karlens, who were instrumental in popularizing the Nuskin line of skin care products, as well as launching the Pharmanex nutritional supplement line, sold the home after becoming empty nesters. They said they plan to stay in Las Vegas.

The buyer was identified as an executive from the Washington, D.C., area heading the South American division for a telecommunications firm.

"Transactions such as the Karlen estate reveal that Las Vegas has not simply grown, it has matured," he said. "When a discriminating buyer from outside the market seeks a slice of the Las Vegas lifestyle on this scale, it demonstrates that this is a real estate market rivaling any in the world."

The Barnharts and Red Rock Realty specialize in luxury estate homes throughout the Las Vegas Valley, as well as the growing high-rise luxury condominium market. For further information on available homes and home sites, visit www.goredrock.com, or call 702.804.7100.