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December 5, 2019

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Buyer to rent out Palms Place penthouse, install helicopter pad

Maloof Palms Condo

Berkshire Hathaway HomeServices Nevada Properties

A buyer recently paid more than $12 million for Phil Maloof’s 25,000-square-foot penthouse at Palms Place in Las Vegas.

Updated Wednesday, Nov. 13, 2019 | 9:25 p.m.

A glitzy Las Vegas penthouse at Palms Place recently sold for $12.5 million and will soon be available for rent.

Las Vegas businessman Bryan Ercolano, founder and CEO of Redemption Fitness, purchased the condo and plans to rent it out for weddings and other private functions beginning next year. The sale closed Friday.

Ercolano plans to put about $1 million into renovations of the 25,000-square-foot unit, which takes up the top floor of the 59-story high-rise on Flamingo Road.

The renovation project, Ercolano said, will include the installation of a helicopter landing pad.

He said the rate to rent the penthouse will start at $10,000 per night.

"This is the way Vegas is meant to be — lavish and extravagant," Ercolano said. "The ability to escape the realities of the real world, even if just for one night."

The penthouse, which belonged to former Palms casino co-owner Phil Maloof, has three bedrooms and five bathrooms and features views of the Strip and the under-construction Allegiant Stadium, future home of the NFL’s Raiders. It was originally listed for $15 million.

Palms Place sits next to the casino and resort, which the Maloof family opened in 2001 and is now owned by Station Casinos.

“With its close proximity to the upcoming Allegiant Stadium, this will be a perfect place for players to host celebrations and high rollers to have the entire top of an iconic hotel,” said Las Vegas Realtor Hali Gillin, who represented the buyer.