Former MGM Resorts CEO Jim Murren finally finds buyer for Summerlin Mansion
Jim Murren's Summerlin mansion in The Ridges has finally found a buyer more than three years after he and his wife, Heather, originally listed the property for $10.5 million.
The Murrens' 1.5-acre home at 7 Feather Painted Way was designed as a "sky space" by architectural and interior designers who turned the property into a "desert retreat" for one of Southern Nevada's wealthiest couples. The Murrens purchased the nearly 13,000-square-foot home adjacent to Red Rock Canyon in 2014 for $11.85 million.
The property has four bedrooms and six bathrooms, as well as a separate one-bedroom guest cottage. The residence's amenities include a floating restaurant, zen garden, underground wine cellar, movie theater, bamboo and pine trees, resort-style swimming pool, and floor-to-ceiling windows with unobstructed views of the Las Vegas Strip 10 miles to the east.
Despite the hot real estate market during the pandemic, Mullen's Ridges property didn't find a buyer willing to spend more than $10.5 million when it first went on the market in July 2020. The couple delisted in November 2020.
The mansion was back on the market last June with a price tag of $17.75 million. This time the Mullens found a buyer, but not until the price was negotiated down to $15.95 million — a drop of more than 10 percent.
Property records show the sale closed on Sept. 29. The buyer purchased the property under a limited liability company called "Outrageous Vegas."
Mullen’s Rise to Fortune
Murren began working at MGM in 1998, when he joined the casino giant as chief financial officer. Mullen was later named chief operating officer and became chairman and CEO in late 2008.
Murren led MGM through several critical periods, first in response to the Great Recession, which included major restructuring. At the time, MGM was involved in the $8.5 billion City Center development in partnership with Dubai World, an investment company owned by the Dubai government.
Mullen resigned as chairman and CEO of MGM Resorts International in February 2020 to lead Nevada's COVID-19 response task force in a non-compensatory role.
Murren was well compensated during his tenure as MGM CEO. When he left the casino company, he was named one of the highest-paid executives in the United States by a nonprofit organization.
In 2019, Murren earned 355 times what the average MGM employee was paid. His salary that year was approximately $13 million. His exit package is worth $32 million.
MGM Resort Mirren
Mullen is wealthy, but at 62, he's not ready to retire.
In May, Mullen was named CEO of the newly formed Ritz-Carlton Yacht Collection. The company operates three ultra-luxury superyachts, offering an all-encompassing experience. Week-long travel packages start at more than $10,000 per couple.
In addition to overseeing the Ritz's yachting program, Mullen was appointed chairman of the UAE's new gambling regulator in September. Mullen is also co-chairman of Cirque du Soleil Entertainment Group, a position he has held since the theater company's sale and reorganization in April 2020.
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Source: www.casino.org
