Basketball team owner takes $1 million hit in Strip condo sale
7 March 2013
Golden State Warriors owner Joe Lacob sold his luxury condo on the Strip to a local casino executive — and took a loss of more than $1 million on the deal.
Lacob, who bought the 3,000-square-foot unit in the Mandarin Oriental three years ago for $3.3 million, sold the condo last month to Las Vegas Sands Corp. Chief Financial Officer Kenneth Kay for $2.1 million, Clark County property records show.
The two-bedroom, three-bathroom condo is on the 38th floor of the 47-story glass and steel tower, which is part of the 67-acre CityCenter.
Although he owned the condo for three years, Lacob never furnished it. He typically stays at a Strip hotel when he’s in town, said Award Realty agent Anthony Phillips, who represented Lacob in the sale.
“It was just empty,” Phillips said.
Luxury condos on the Strip often are sold to wealthy out-of-towners who come to Las Vegas every so often for fun or relaxation.
Representatives for the Warriors and Las Vegas Sands did not respond to requests for comment.
Lacob, who lives in Atherton, Calif., a small, affluent town in the San Francisco Bay area, is a well-known businessman in Northern California. He has been a partner in the venture-capital firm Kleiner Perkins Caufield & Byers since 1987 and was managing partner at one point.
He and movie producer Peter Guber, whose credits include “Rain Main,” “Batman” and “The Color Purple,” led a group that acquired the Warriors in 2010 for a record $450 million.
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