UPDATE NOV. 8: The $12.8 million penthouse sale atop Palms Place is the highest priced high-rise property sale in Las Vegas history.
- George Joseph Maloof Jr. (born September 2, 1964) is an American entrepreneur and businessman. He is the former owner of the Sacramento Kings, the former owner of the now defunct Sacramento Monarchs, and minority owner of the Palms Casino Resort in Las Vegas with his brothers Gavin Maloof, Joe Maloof, Phil Maloof, and sister Adrienne Maloof.
- Adrienne owns 2% of Palms Casino Resort in Las Vegas and is the third child and only daughter of billionaire entrepreneur George J. 18 The impressive property was last sold in 2013 for.
Maloof Palms Casino
The three-bedroom condo was owned by former New Mexico state Sen. Phil Maloof, whose family developed the building, as well as the Palms Casino Resort next door.
The property has changed ownership from Phil Maloof, who was represented by the Ivan Sher Group, and is now owned by TurnKey Pads, who was represented by Hali's Angels - The Hali Gillin Group.
TurnKey Pads, a luxury vacation rental company based in Las Vegas, plans to do some renovations to the penthouse, including installing a helipad with private helicopter.
The property will be available for short term rentals starting at $20,000 per night.
The new ownership is looking to court players from the Vegas Golden Knights and soon-to-be Vegas Raiders.
The property is currently available for New Year's Eve and more information can be found on TurnKeyPads.com.
The Palms Place penthouse is not owned or operated by the Palms hotel-casino or Red Rock Resorts.
ORIGINAL STORY
LAS VEGAS (KTNV) -- A multi-million dollar penthouse is off the market in Las Vegas.
The penthouse, located atop Palms Place, is a 25,000-square-foot private residence. It features 360-degree views of the Las Vegas Strip and was recently purchased for more than $12 million.
Phil Maloof previously owned the penthouse and a property spokesperson shared a few images with 13 Action News of the 59th floor residence dubbed 'the Eighth Wonder of the World.'
The penthouse, located atop Palms Place, is a 25,000-square-foot private residence. It features 360-degree views of the Las Vegas Strip and was recently purchased for more than $12 million.
Phil Maloof previously owned the penthouse and a property spokesperson shared a few images with 13 Action News of the 59th floor residence dubbed 'the Eighth Wonder of the World.'
The penthouse got that nickname as it features private elevator access, three bedrooms, five baths, a fitness room, an elevated DJ booth, resort-style bar and great room.
The residence is also fully equipped with high-tech amenities, that include an over-sized Jacuzzi, a 30-foot movie screen, outdoor space and space to entertain up to 500 guests. Casino roulette rules. Gambling casinos in ohio.
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Palms Place is located at 4381 East Flamingo Road and connected to the Palms hotel-casino.
LOS ANGELES (LALATE) – Does Adrienne Maloof own 2% of the Palms Casino? Brandi Glanville questions how much Adrienne Maloof owns in The Palms Hotel and Casino in Las Vegas this month on Bravo. As the RHOBH cast heads to Las Vegas as an Adrienne Maloof divorce looms, Bravo doesn't take the show to The Palms. Rather they head to a competing property. That prompts Brandi Glanville and the cast to argue if Adrienne Maloof 'owns' the Palms.
The current season RHOBH was filmed in 2012. But in 2010, the Maloof family told news that they were changing their equity ownership in the Palms. A Maloof agreement with TPG Capital and Leonard Green & Partners purportedly gave each company a 49 percent ownership stake in the Palms in 2011. That purportedly ended $400 million in debt against the Palms. The Maloof family in turn allegedly would get a two percent equity share of the Palms with alleged options to buy back up to a twenty percent equity stake in the company.
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The stakes were revealed by the Las Vegas Journal at the time as a result of documents filed by the casino with the Nevada Gaming Control Board Operations. The newspaper claimed 'The property was backed by a $400 million revolving credit agreement that was due in October and wasn't refinanced. The credit agreement was extended before Leonard Green and TPG converted the loan into equity.'
In a statement on June 14, George told the newspaper 'We have an equity stake in the Palms.' He also told new the Sacramento Bee 'We could own up to 20 percent when it's all said and done.'
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George Maloof also told news at the time that the cancelling of the debt was good for the casino. As reported by Vegas Inc, George remarked 'Not having any debt is a pretty good position to be in, and we're going to grow at the Palms and look at things that we want to do here and look at other opportunities.' He also said that he would remain as Chairman. 'I don't think operationally you'll see much change – I think we always want to look at ways to do things better.'
Palms Casino Ownership
Meantime, Adrienne Maloof tells news this week 'While watching this episode, Lisa seizes several moments to take sharp digs at me, and my businesses … I wish I could be there to defend myself.' But while given three pages at least of Bravo blog space to respond to the alleged 'digs' at her business , Adrienne has few words.
Maloof Palms Casino Ownership Properties
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