VEGAS INC archives
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.