Owner of Treasure Island casino loses $3 million on sale of mansion
18 February 2013
Treasure Island owner Phil Ruffin has sold a Summerlin mansion at a steep discount, causing him to take a nearly $3 million loss.
But don’t worry, the 77-year-old billionaire hasn’t exactly been kicked to the curb: He still owns an 11-acre estate he bought a few years ago for $15 million.
Ruffin sold the Summerlin property at 2689 Red Arrow Drive for $2.8 million last month. It was listed for $3.6 million and before that for $4 million.
Property records indicate the casino mogul bought the home in October 2007 for $5.7 million.
The 9,158-square-foot Tuscan mansion has five bedrooms, nine bathrooms and eight fireplaces and sits on a small .4-acre lot, according to Clark County records. It features custom stonework and a home theater.
His other Las Vegas mansion, on Tomiyasu Lane, used to belong to the Sultan of Brunei. The main house alone is roughly 33,300 square feet and has eight bedrooms and 14 bathrooms, county records show.
Ruffin bought that estate in April 2011.
Ruffin lived in the Summerlin house until he moved to Tomiyasu Lane, said Las Vegas broker Florence Shapiro, who represented him in the Summerlin deal. She could not confirm if that house has been vacant or rented out since Ruffin moved.
Unlike many other Las Vegans, Ruffin can well afford to take a loss on a home sale. According to Forbes magazine, he has a net worth of $2.5 billion.
He could not be reached for comment Monday.
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