$35M home sale in Summerlin’s Summit Club sets Vegas record

The two-story home, which is in the uber luxury resort community of the Discovery Land Co. that attracts billionaires and celebrities, sits on 1.5 acres and measures 11,427 square feet with five bedrooms, seven baths and a six-car garage It also has a pool with a waterfall and a spa.

The seller is listed as Patrick and Andrea Ramsey, who acquired the lot in 2016 for $2.5 million and built a custom home in 2017, according to public records. The names of the buyers weren’t immediately listed in Clark County records. Anthony Spiegel of IS Luxury represented the buyer and seller, but said he could not disclose any information on the parties.

The sale would not only set the record for $35 million but also set a record with a price per square foot of $3,063, but Spiegel said the size of the home may be about 600 square feet larger, which would put that price about $2,900 per square foot.

“I only feel as good as my clients feel,” Spiegel said in describing his thoughts about setting the record. “I don’t do this for the accolades but do this in service to my clients and the city of Las Vegas. We can’t sell homes if we don’t have a great city to live in. I’m proud that we command world-class valuations because they follow buyers and sellers. That’s what the city needs to become a world-class city.”

Spiegel called it “interestingly enough” that the two top sales in Las Vegas single-family home history are adjacent to one another. He attributed that to The Summit Club setting itself apart in Las Vegas.

“What gives any real estate real value is the location,” Spiegel said. “At some point, there’s only so much replacement value that can be attributed to the value of the home. 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 (of its kind) 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.”

Spiegel described the home as high-quality desert contemporary. It has high-end construction finishes, a sophisticated design and a large footprint.

“You are talking about a 1½-acre lot, 12,000-square-foot home, high-quality desert contemporary construction, a massive infinity pool and all of the things you would expect to be in an extraordinary home,” Spiegel said. “It’s there.”

Homes cost about $1,500 a square foot to build in The Summit. A home like this would conservatively cost $18 million to $20 million to build while land costs up to $10 million an acre, he said.

“You are looking at a home trading around replacement cost,” Spiegel said, adding that there’s a lack of inventory.

“That’s what people need to understand. They might think $35 million is a crazy price but if you look at construction and land costs you are close to replacement costs. The premium is a function of being in a community that has the highest demand, the only membership community in the greater Las Vegas area.”

Summit Club membership fees are $250,000 with annual fees of $110,000. Homeowners association fees are $30,000 a year.

The concierge community has nearly 276 home sites on 555 sites.That includes 176 custom lots and 100 developer products such as bungalows, villas and condos. The clubhouse was completed in the spring 2023.