Local Las Vegas news sources reported that David Copperfield just closed on a luxury home in the Las Vegas Valley for the stunning price of $17.55-M the highest price ever paid for a Las Vegas residence on record.
The 4-story home hadn’t been publicly listed.
The opportunity to purchase arose and Mr. Copperfield bought the 1.58-acre property that is located in a secluded enclave within the Las Vegas suburb of Summerlin.
Mr. Copperfield and his fiance Chloe Gosselin selected the home for its amenities including Zen garden, infinity pool, wine cellar, full spa, movie theater, and 8 bedrooms, as well as its relative privacy.
Despite the record price attached to this sale, it give some insight into new growth within the Las Vegas real estate market.
Real Estate was hit hard during the Great Recession with foreclosures, the city, and real estate scene have slowly recovered. This sale may signal a renewed interest in luxury homes, which the city has plenty of and available for prices that are still substantially lower than other major metropolitan areas such as New York, San Francisco, and Los Angeles.
The PR value of this sale shows that Las Vegas is regaining its desirability among the ultra-wealthy to purchase property there. Even so, any future real estate purchases at this level will benefit from being appropriately and legally protected from any potential liability or debt issues from creditors.
The Heffernan Capital Management (HEFFX) has experience in setting up land trusts with the ability to protect personal property, whether it’s on the scale of Mr. Copperfield’s new home or rental properties held to generate income. No matter the marks, HEFFX can handle setting up such entities to protect real estate holdings for the future.
Have a terrific weekend.
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