Former MGM Resorts CEO Jim Murren Finally Finds Buyer for Summerlin Mansion
Posted on: November 12, 2023, 10:21h.
Last updated on: November 12, 2023, 10:21h.
Jim Murren finally found a buyer for his Summerlin mansion in The Ridges, the ritzy gated community in the foothills of the Spring Mountains, more than three years after he and his wife Heather initially listed the pad for $10.5 million.
The Murrens’ house located at 7 Feather Painted Way sits on 1.5 acres and is dubbed “Skyspace” by the architectural and interior designers who made the abode into “a desert sanctuary” for one of Southern Nevada’s wealthiest couples. Adjacent to Red Rock Canyon, the Murrens purchased the nearly 13,000-square-foot home in 2014 for $11.85 million.
The property features four bedrooms and six baths, plus a detached one-bedroom guest casita. The home’s amenities include a floating dining room, a Zen garden, an underground wine cellar, a movie theater, bamboo and pine trees, a resort-style pool, and floor-to-ceiling windows that provide unobstructed views of the Las Vegas Strip nearly 10 miles east.
Though the real estate market was hot during the pandemic, Murren didn’t find a buyer willing to fork over $10.5 million when his Ridges estate was first listed in July 2020. The couple removed the listing in November 2020.
The mansion came back on the market this past June with a much higher listing price of $17.75 million. The Murrens this time found a buyer but not until they were negotiated down to $15.95 million — a more than 10% reduction.
Property records show the sale closed on Sept. 29. The buyer purchased the property under an LLC called “Outrageous Vegas.”
Murren Rise to Riches
Murren’s time at MGM began in 1998 when he joined the casino giant as its chief financial officer. Murren was later appointed chief operating officer before being named the company’s chairman and CEO in late 2008.
Murren oversaw MGM through several critical periods, first in dealing with the Great Recession, which included an extensive reorganization. MGM at the time was amid the $8.5 billion development of CityCenter in a partnership with Dubai World, an investment company owned by the Dubai government.
Murren departed MGM Resorts International as its chairman and chief executive officer in February 2020 to spearhead the Nevada COVID-19 response task force in a non-compensatory role.
Murren was compensated handsomely during his time as CEO of MGM. As he departed the casino company, he was named by a nonprofit as one of the most overpaid executives in the US.
Murren in 2019 made 355 times the average compensation of an MGM employee. His pay that year was about $13 million. His exit package was worth $32 million.
Murren Post-MGM Resorts
Murren is vastly wealthy, but at 62, he isn’t yet ready to retire.
In May, Murren was named CEO of the newly formed Ritz-Carlton Yacht Collection. The company operates three ultra-luxury superyachts that offer all-inclusive experiences. Packages begin at more than $10,000 per couple for a week’s voyage.
Along with overseeing the Ritz’s yacht program, Murren in September was named chair of the United Arab Emirates’ newly formed gaming regulatory body. Murren is also co-chair of the Cirque du Soleil Entertainment Group, a position he’s held since April 2020 after the theatrical company was sold and reorganized.
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Source: casino.org
