Paragon Gaming Founder Sells Nevada Estate for Record Price

Posted on: August 13, 2020, 04:03h. 

Last updated on: August 14, 2020, 08:48h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Paragon Gaming co-founder Diana Bennett has sold her Henderson, Nev. estate for a record $11.25 million, the highest price ever paid for a residential home in the city that neighbors Las Vegas.

Paragon Gaming Las Vegas real estate
The home of Paragon Gaming co-founder Diana Bennett has just set a new housing record for Henderson, Nev. (Image: Sotheby’s International Realty)

Originally listed for $13.5 million, the property at 770 Dragon Ridge Drive comes with five bedrooms, 10 bathrooms, and 17,562 square feet of living space on a little more than two acres of land.

The complex sits at the end of Dragon Ridge Dive, overlooking DragonRidge Country Club, and with views of the Las Vegas Strip on the horizon.

The modern home, described by listing agent Sotheby’s as one of Southern Nevada’s finest, features floor-to-ceiling sliding glass walls, a wine cellar, theater, game room, bar, office, infinity pool with views of the Strip, gardens, outdoor kitchen, elevators, four fireplaces, and a butler’s pantry.

The $11.25 million deal makes the home Henderson’s richest, a spokesperson for Sotheby’s told Fox Business. Bennett purchased the property for $5 million in 2007. Its annual property tax bill is $54,592.

Paragon operates the Westgate Las Vegas Resort and Hooters Casino Hotel. The company additionally owns and operates Hard Rock Hotel & Casino Lake Tahoe.

Housing Boom

Southern Nevada is once again a seller’s market, as people are relocating to the region — many from neighboring California.

According to data from Las Vegas Realtors, 3,325 single-family homes were sold in July alone. That’s a year-over-year increase of 5.3 percent. The median price was $330,000, up nearly nine percent.

The housing market in Las Vegas is on fire,” said Las Vegas Realtors President Tom Blanchard. “Let’s admit it. I mean, even with the pandemic and the economy the way it is, it is amazing to see that we had a median price range that went up to $330,000 in July.”

Two former casino execs are hoping the boom lasts, and a very wealthy buyer emerges for their respective properties.

Billionaire Steve Wynn listed his Summerlin mansion in June for a cool $25 million. The pad, located at 1717 Enclave Court, is on the so-called “Billionaire’s Row” in the exclusive TPC Summerlin private golf community.

Former MGM Resorts CEO Jim Murren is also in search of a buyer. His sprawling estate, located at 7 Painted Feather Way, is on the market for $10.5 million.

Vegas Highest Roller

Bennett’s soon-to-be-former home might be Henderson’s most expensive estate. But in Las Vegas, that honor is reserved for billionaire Sheldon Adelson. The Las Vegas Sands casino tycoon resides at 901 Trophy Hills Drive. It’s also in the TPC Summerlin community, but it’s much, much larger than Wynn’s place.

The “house” has approximately 44,000 square feet of living space, eight bedrooms, and 20 baths. It has a large pool with a lazy river, tennis court, and every amenity one can dream up.

Adelson’s property tax bill in 2020 is $310,717. Real estate experts have estimated the complex could fetch as much as $85 million, should the Adelsons ever look to sell.

Adelson is worth more than $30 billion.