Magnificent Las Vegas Estate For Sale

Looking for a new place to live? Got some spare change lying around? How about a multi million estate home for the wife and kids in Las Vegas?

So I was perusing through an online realtor site a few days ago looking at homes in Las Vegas, Nevada. As you may know, Vegas has been hit hard by the economic recession with home values falling like a rock and getting foreclosed.

The inventory is incredible with approximately 20,000 properties up for sale as of this writing. Anyway, I came across a magnificent listing that nearly made my eyes bug out. Get a load of this:

• 18 bedrooms
• 27 bathrooms
• 73,000 square feet
• 11 acre lot
• Horse stables
• Tennis court
• Swimming pool
• Night club
• Commercial grade kitchen

Purchase price?
$37,500,000

The home was formerly owned by the Sultan of Brunei who purchased it for $10,000,000 and later sold it to Eric Peterson, President of Consumer Credit Services for $14,000,000.

Property taxes in 2010 were $157,310. And if you want to take a 30 year loan on 20% down ($7.1 million) at 4.875%, your monthly mortgage payment is only $149,844.

And how many homes of the 20,000 or so currently listed in Las Vegas could you own outright for that $150,000 monthly payment?

13,172 (66%) of all the homes in Las Vegas area.

I should have been a Sultan.

About Kerry Kobashi

Kerry is the founder of KerryOnWorld. He lives in Silicon Valley and has worked as an engineer and project manager. He owns Kobashi Computing a consulting company.