Buyer pays $36M for land to build Summit Club estate

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By Buck Wargo Real Estate Millions

July 16, 2021 - 2:48 pm

A affluent purchaser with ties to California paid a grounds $36 cardinal for 4.47 acres to physique an property successful the Summit Club.

The merchantability of vacant land, which progressive the acquisition of 4 abstracted parcels, adjacent blew distant the $25 cardinal paid successful June for a caller location successful MacDonald Highlands successful Henderson. Real Estate Millions reported the purchaser of that location was Anthony Hsieh, the billionaire laminitis of LoanDepot. Kristen Routh-Silberman of Synergy Sotheby’s International Realty was the Realtor representing the purchaser and seller.

The Summit Club batch purchases closed June 15, capping disconnected a momentus period successful Las Vegas luxury existent property history.

Three of the 4 tons were sold by the Discovery Land Co., the developer of the 555-acre Summit Club on with the Howard Hughes Corp., the developer of Summerlin. Those 3 tons totalled 3.7 acres and $32.25 million, according to Clark County spot records.

The purchaser is listed arsenic Into the Sunlight LLC, which is registered successful California and Nevada with an code listed to a Palo Alto taxation firm.

The 4th batch measured 0.77 acres and was bought by Into the Sunlight LLC for $3.75 million. The seller was listed arsenic KAHO 21 LLC, according to Clark County spot records.

The Summit said it doesn’t remark connected its transactions. Luxury residential Realtor Ivan Sher with Berkshire Hathaway HomeServices, Nevada Properties, said he’s ne'er heard of idiosyncratic paying that overmuch for tons to physique their ain home. He speculated it’s a billionaire.

“That’s a record,” Sher said. “For the past 30 years, $17.5 was the highest terms idiosyncratic paid for location and land. Now, we person $25 cardinal for a home. This is $36 cardinal for land. That’s incredible. They would person to beryllium abillionaire and precise focused connected making Las Vegas a superior residence.”

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