Buy Gavin Maloof’s house for $12 million (in November, it cost $7.5 million)

Las Vegas Sun File Photo

Gavin Maloof, left, and George Maloof Jr. speak at a news conference announcing the family’s purchase of a minority interest in the Sacramento Kings in January 1998. The Maloofs took majority control the following year.

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  • Gavin Maloof must be pretty confident these days.

    Not only did his family agree to sell for a whopping half-billion dollars the Sacramento Kings, who finished last in their division last season, in Las Vegas last week he upped the price on his Southern Highlands mansion by 60 percent — to $12 million.

    The 13,489-square-foot house at 27 Eagles Landing Lane has six bedrooms, eight bathrooms, an elevator, a movie theater, a curtained room with a massage table and a 10-car garage. It also has a pool, a small waterfall and a putting green outside.

    Maloof bought the house in July 2007 for $10 million. He has been trying to sell it on and off since April 2009, according to Redfin, a real estate listing website.

    The estate was listed for $7.5 million on Nov. 1 but jumped to $12 million Wednesday.

    “Usually when a home has been on the market that long and doesn’t sell, the owner will drop the price,” Redfin spokeswoman Christin Camacho said. “Gavin and his agent must be trying strange new tactics here.”

    A broker for the house, Bob Barnhart, of Luxurious Real Estate, would not immediately comment for this story.

    Maloof, a former college football player, is vice chairman of the Maloof Cos. He oversees the company's sports and entertainment operations but helps with other aspects of the family business, as well.

    The Maloofs acquired a majority stake in the Kings in 1999. They recently struck a deal to sell the NBA team to a group led by hedge fund manager Chris Hansen for a reported $525 million. Other investors are believed to include Microsoft Corp. CEO Steve Ballmer and the Nordstrom family.

    According to Forbes magazine, it’s the second-highest sales price ever for an NBA franchise.

    The family has had various business interests in Las Vegas.

    Most notably, Gavin’s brother George Maloof Jr., a UNLV alumnus, opened the Palms in November 2001. The family owned an 85 percent stake in the property but sold almost all of their interest after the recession hit.

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    1. I urge the author of this article to study the Sacramento Kings sale story. The entire team was valued at $525 million, and the Maloofs agreed to sell the 65% that they control. That would indicate they are getting $340 million. I have also read that although they control 65%, they actually only own 53%. That would put them down to $278 million. Deduct the $100 million they borrowed from the NBA a couple years ago and the $70 million they borrowed from the city of Sacramento and they wind up with $108 million. Split it 5 ways for each member of the family and we are down to about $21 million each. Deduct 40% for taxes and it is now about $13 million. If we need to deduct banking, legal and consulting fees then Gavin Maloof may have to get $5 million more for his house just to get out from under the Kings!

    2. Kings are headed to Seattle. Steve Ballmer and the Nordstrom family are a part of the ownership group that are buying the team to bring back the NBA to Seattle after the former team was stolen by an Owner with no intent on keeping the team in Seattle. Maloofs have been in a bunker ever since the sale, as Sacramento fans would like to take them back behind a shed. Yes they own 53%. The NBA wants them out. They go from rock star Owners to becoming the most untrusted business people in pro sports.