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Price of Sprawling Las Vegas Estate Cut by a Third

by marquetteturner

in Money & Business, Real Estate Radar, Variety

The home, most recently listed for $37.5 million USD, is now asking $25 million USD. It had, at one point, when owned by a Brunei Prince been quietly marketed for $60 million USD and is one of the largest private residences in Nevada.

Located five minutes from the Las Vegas Strip, the estate was reportedly built for Prince Jefri Bolkiah of Brunei. Spanning 11.2 acres, the property has more than 73000 square feet of living space spread across eight buildings. The 18 bedroom, 36 bathroom home has multiple master suites, a sushi bar and a discotheque. The grounds include an equestrian center, polo track and an 11-car garage.

The home is owned by Eric Petersen, a property investor who was president of Consumer Credit Services, a company that ceased operations and filed for bankruptcy protection last year.

Mr. Petersen paid $14 million USD for the property in 2004 and says he spent roughly $20 million USD completing construction but has never lived in the home. He says he no longer likes Las Vegas and plans to move to Beverly Hills, where he currently lives part time.

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