Tag Archives: real estate

Men’s Journal Names Las Vegas on “Best Places to Live” List

Las Vegas now has a spot in Men’s Journal’s “Best Places to Live 2010” list, but, sadly, there’s a pock mark on the distinction:  The honor is largely attributed to the foreclosure crisis that has cost thousands of people their homes. 

“Buy Someone Else’s Dream House,” the headline proclaims before giving a brief description of the city’s housing woes. 

 “The good news?” the magazine reads, “You can get a recently built house in a great area with mountain biking, climbing and a bit of nightlife nearby, for $100 per square foot.” 

It’s true, record foreclosures — Nevada led the nation in March and was high on the foreclosure list for many months — have created a small housing boom, as thousands are taking advantage of low prices and the soon-to-expire federal tax credit.

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Michael Jackson’s Las Vegas Mansion Sells for $3.1 Million

Michael Jackson rented a 16,400-square-foot Las Vegas mansion in 2007/2008 for six months while looking for a place to call his permanent home. That estate, located at 2785 S. Monte Cristo, was later taken over by Eastern Savings Bank when the owners defaulted on the lender’s loan. 

On Jan. 30, after being on the market for a mere four days, a California couple reportedly plunked down $3.1 million for the mansion. 

According to Real Estate agent Zar Zanganeh in a statement issued regarding this 10 bedroom, 15,461-square foot house:   “It’s serendipity that we sold the home that we had also rented to Michael Jackson. 

The estate became famous and generated tremendous interest because of the MJ connection; in fact, the buyer is a big Michael Jackson fan.” 

That buyer’s name has not been released, but what has been released is the fact that Michael Jackson had bigger plans for living in Las Vegas in the form of a house at 7000 Tomiyasu Lane. 

On the block in October, 2009 for $16.5 million as noted in a Zillow.com listing, the Las Vegas Sun reported that real estate czar Zar Zanganeh claims Michael Jackson was ripe to buy the 10-acre, 15,000 square-foot Mediterranean/contemporary Las Vegas manse as soon as MJ returned from his London tour, ‘This Is it’. 

Zanganeh claims to have shown Michael and his three children the Sin City complex many times. 

Zanganeh, a Realtor with Fine Vegas Estates, said, “He got so excited, the minute we drove through the gates here he got that feeling of Neverland. As soon as he stepped out of the car, he said, ‘Zar, I love this place. I’m calling it Wonderland.’” 

Built by casino king Gary Primm, the enormous edifice is kidnapper proofed (obviously, a big draw for Michael Jackson), custom-designed with three secure gates. Other safety precautions include secret tunnels, bulletproof doors, and a panic room. 

As for the fun stuff at this so-called real Wonderland: A tennis/basketball court, a 20-seat theater, a cave room den, an orchestra loft, a car showroom, a fitness room and, of course, a dance floor.

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Nicolas Cage Gone in Sixty Seconds from Las Vegas

It seems no matter who you are – or how much you earn – it’s never enough to cover all the bills.  

In June 2009 Forbes magazine ranked actor Nicholas Cage 45th on its list of the 100 most powerful celebrities and estimated his income at $40 million for the previous 12 month period.  Just 6 months later Cage’s $8.5 million Las Vegas home went into foreclosure and has now reportedly been sold for $4.95 million after just one day on the market.  The 14,000+ square foot home on Spanish Heights Drive has six bedrooms, seven and a half bathrooms and features a theater and a subterranean 16-car garage.  

This is only the latest round of financial troubles trailing the Academy Award winner.  In November, 2009, the two homes Cage owned through Hancock Park Real Estate Company in New Orleans were sold at a foreclosure auction and this followed the loss of a residence in California.  This is all right on the heels of a lawsuit Cage filed in October against business manager Samuel Levin.  

In the lawsuit, Cage claims he has “discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin’s gross misconduct.” 

In addition to home losses, Cage also owes back property taxes and a substantial amount to the IRS.  

“Over the course of my career I have paid at least $70 million in taxes. Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS,” Cage told People magazine.  The good news for Cage is that as a bankable Hollywood actor, he won’t be finding himself on the unemployment line soon and his five projects currently in play should help him regroup and, hopefully, regain his financial footing.

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CityCenter in Las Vegas to Cut Condo Prices by 30 Percent

Developers of the $8.5 billion CityCenter on the Las Vegas Strip plan a 30 percent price cut on condos there that people have already agreed to buy, just help close the deals during the recession. 

Company officials announced that CityCenter, co-owned by MGM Mirage and Dubai World, will begin closing on the nearly 2,400 units that have been built in two boutique hotels and two residential towers in January at the reduced prices. More than half of the units are under contract. The price cut roughly parallels the decline in Nevada’s real estate market since the units first went on sale in January 2007. 

The price reductions apply to the 227 units at Mandarin Oriental Las Vegas, the 670 units at the Veer Towers and the nearly 1,500 condo units at the 57-story Vdara Condo Hotel. 

A typical one-bedroom unit of about 800 square feet at the Vdara is now selling for about $674,000, according to an analysis by Bill Lerner of Union Gaming Group. 

Other parts of the 67-acre project include a 4,000-room casino-resort, convention space, hotels and a retail mall. The project is to start opening in December. 

Several casino industry analysts said MGM Mirage and Dubai World, the development arm of the government of Dubai, one of the United Arab Emirates, had to make such a move to close real estate sales in a down market that has been particularly tough in Las Vegas. 

Lerner said in late August that the 30 percent price reductions would bring the Vdara’s prices in line with those at the Trump International Hotel down the street and the nearby Palms Place condo-hotel located 1.5 miles west of the Strip. 

Lerner said MGM Mirage might begin pushing those who have committed to buying units at Vdara toward Veer instead. 

CityCenter was originally supposed to have 200 more condo and condo-hotel units atop the Harmon, but that plan was scrapped when developers delayed the opening of the 400-room hotel portion to 2010.

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Suge Knights’ Las Vegas Mansion for Sale

Hip-Hop mogul Suge Knight’s former Las Vegas four bedroom and seven bath mansion has reportedly landed on the real estate market and is being sold for nearly $1.5 million. SugeKnight2

Known for its history which includes being Suge’s residence when Tupac Shakur was fatally shot in 1996, the home also was used as Robert DeNiro’s home in Casino.   Further amenities?  A poolside BBQ and a guest house that was once raided by the police, of course!  It’s also walking distance to Wayne Newton’s pad.  

But this historic Vegas landmark doesn’t come cheap. Price tag: $1,495,000.

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Millionaire Matchmaker Plans Las Vegas Wedding

Many people get a vicarious thrill from watching reality show host Patty Stanger work her magic on super-rich men, matching them with a bevy of eligible ladies.   Now, the Millionaire Matchmaker is getting her own turn at love and wedding planning – Stanger is engaged, Usmagazine.com reports. PattiStanger

The 48-year-old received a proposal from her boyfriend, real estate executive Andy Friedman, while the two were vacationing in Hawaii.

According to the website, a black swan named Raymond delivered the 4-carat engagement ring on Stanger’s birthday.

The host of the popular Bravo matchmaking show said that she and her fiancé are still deciding where to wed, but she’s partial to a destination wedding in Las Vegas in 2010.

“I want to elope, and he wants a big wedding. I’m like, ‘Let’s go to Vegas!'” Stanger told Usmagazine.com.

Stanger founded the Millionaire’s Club in Beverly Hills in 2000 as a way to find partners for extremely wealthy men. On her reality show, part of the fun is that she gives the men makeovers (both physically and emotionally) before they are considered “date-ready.”

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Hey, Buddy: Please Buy Our Cheap Las Vegas Casino Land!

It’s going from bad to worse for developer Andrew Lai and bankrupt land owner Spring Mtn. Wynn Investments:  Nobody bid on their prime casino land in Las Vegas. 

Despite only requiring a $1 million deposit and a minimum bid of $27.5 million for the prime 22-acre Las Vegas casino land site currently appraised at $174 million, or $7.9 million per acre, not one person was willing to take a chance and shell out cash at the May 16 auction. 

The dream of developer Lai was to develop and open in 2010 the Asian-themed Dragon City Casino and retail center, including a 31-story, 386-room hotel, employing at the facilities between 6,000 and 8,000 workers, appealing to middle-market Asian visitors to Las Vegas.

Even as the economy sputtered in 2008, in February Crowne Plaza still hailed the planned development, located on the prime property located at the edge pf the Chinatown district on Spring Mountain Road, a real gem, promising to bring “tens of thousand of visitors a year, making [it] a great location for an upscale meeting-savvy brand like Crown Plaza,” according to a statement last year from Gina LaBarre, vice president of brand management for the hotel chain.  But, a few months later, the economy was in the toilet and all plans were squashed. 

Now, the property is being split up with three of the nine total parcels on the site – amounting to 9.4 acres in the smack dab “filet mignon” center of the property, owned by the Community Bank of Nevada as collateral for prior loans (currently used as a staging area for the defunct Cosmopolitan) – going up in a foreclosure sale on June 26, as agreed in a prior deal reached with Spring Mtn. Wynn Investments.

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