Former New Mexico state Senator, Phil Maloof, recently sold his three-bedroom penthouse on top of the Las Vegas skyscraper, Palms Place, for $12.475 million. Maloof’s family is well-known in Las Vegas for developing Palms Place, Palms Casino Resort next door and Fiesta Casino as well as being minority owners of the Vegas Golden Knights NHL team.

Maloof originally put the condo up for sale five years ago for $38 million that would include some Pablo Picasso paintings and a two-year lease on a Lamborghini in the hefty price tag. Thanks to the down-turn in the market for luxury real estate, Maloof dropped the price to a more reasonable $15 million late last year.

The property was purchased by Bryan Ercolano, founder of luxury rental service TurnKey Pads. Ercolano plans to rent out the property for corporate functions, weddings and Raiders events following the team’s move to Vegas next year.

The 6,200 square-feet penthouse occupies the entire 59th floor. Amenities include a professional-grade wet bar in the living room, a DJ booth overlooking the living space from above and gym. The master suite is lined with glass walls and has a wraparound deck overlooking the Vegas Strip. There is a rooftop deck upstairs that can accommodate 500 people, a hot tub, a movie screen and living as well as dining areas.

Ivan Sher of Berkshire Hathaway HomeServices Nevada Properties held the listing, and Hali Gillin of Keller Williams Southern Nevada represented the buyer.

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