All-Time Record in Las Vegas Shattered With $35 Million Summit Club Home Sale
LAS VEGAS, NV – According to newly-released records, the all-time record for the sale of a single-family home in Las Vegas was shattered back in May when a residence in the ultra-affluent The Summit Club master-planned community sold for a whopping $35 million, besting the previous record-holder, the sale of singer Celine Dion’s home – literally right next door – for $30 million in 2023.
In addition to setting the new record for overall closing price, the home in question – a two-story estate located on a 1.5-acre plot of land on Summit Club Drive – also set the record for price per square foot, which came out to be $3,063.
The record-breaking home comes in at 11,427 square feet and boasts five bedrooms, seven baths and a six-car garage, along with numerous luxury amenities such as a pool with a waterfall and a spa.
Patrick and Andrea Ramsey were the sellers, and had purchased the land for $2.5 million in 2016 and constructed their custom abode in 2017. Southern California business owners Ronald and Janis Soto were the buyers, and both parties in the sale were represented by Anthony Spiegel, who was working for IS Luxury at the time, but who has since has moved on to Lusso Residential Sales.
Spiegel said that it was a interesting development that the two biggest single-family home sales in the history of Las Vegas were literally neighbors to each other, and noted that the reason for this development is due to The Summit Club being such an attractive place for the rich and powerful to call home.
What gives any real estate real value is the location. At some point, there’s only so much replacement value that can be attributed to the value of the home,” Spiegel said. “If you look at the mega properties around the world, they trade at a premium to replacement value. That premium is generally a location premium. What makes it a $35 million home is that it’s in The Summit, a Discovery Land project and the only membership club in the city. It’s not just a neighborhood. It’s a community that people want to belong to, and there’s a cost that’s not only found in the membership fees but in the real estate.”
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