Former MGM Resorts CEO Jim Murren Selling Las Vegas Mansion for $10.5M

Posted on: July 13, 2020, 02:32h. 

Last updated on: July 14, 2020, 09:35h.

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

Former MGM Resorts CEO Jim Murren has listed his Summerlin mansion for $10.5 million. He’s the latest chief executive of a casino giant to put his Southern Nevada home on the market.

MGM Resorts Jim Murren Las Vegas real estate
The home where former MGM Resorts boss Jim Murren lived can be yours for $10.5 million. (Image: The Ivan Sher Group)

Known as “Skyspace,” the 1.5-acre Murren estate is located at 7 Painted Feather Way in The Ridges gated community. Adjacent to Red Rock Canyon, the mansion boasts four suites in the main house, plus an accompanying one-bedroom detached guest casita.

A desert sanctuary and architectural masterpiece,” or so says listing broker Ivan Sher. The complex offers 12,991 square feet of indoor-outdoor living space, detached floating dining room, Zen garden, wine cellar, movie theater, bamboo and pine trees, resort-style pool, and floor-to-ceiling windows that provide an unobstructed view of the Las Vegas Strip.

Built in 2009, Murren and his wife, Heather, purchased the property in 2014 for $11,850,000.

Gaming CEOs Sell

Murren’s mansion is yet another possibility for the ultra-rich looking to buy in Southern Nevada. And when it comes to selling high-profile estates, Sher is the go-to man.

Last month, Sher listed billionaire Steve Wynn’s Summerlin mansion for $25 million. Located on “Billionaire’s Row” in the exclusive TPC Summerlin private golf community, the property — known as Museo — is also situated on 1.5 acres and has six beds and 10 baths.

Wynn exited the gaming industry in February of 2018 after numerous allegations of sexual misconduct by the Las Vegas tycoon came to light. Though he denies any wrongdoing, the 78-year-old has severed all ties to Nevada and is now spending his days in southern Florida.

Murren stepped down from MGM Resorts in March to head Nevada Gov. Steve Sisolak’s (D) COVID-19 Response, Relief & Recovery Task Force. The 58-year-old Murren had planned to depart the casino company, which is Nevada’s largest employer but expedited his leave in wake of the COVID-19 pandemic.

Murren Money

Murren’s “Skyspace” has a laundry list of amenities and “wow” factors. It also has a hefty annual tax tag.

According to Clark County property records, 7 Painted Feather Way comes with a yearly tax bill of nearly $48,000, or about $12,000 more than the average yearly salary of an MGM Resorts employee.

As You Sow, a nonprofit that promotes shareholder advocacy in publicly traded companies, recently included Murren on its “100 Most Overpaid CEOs” list. The organization said Murren is compensated approximately 355 times more than the average MGM employee.

Murren was also handsomely rewarded on the way out. His exit package is worth some $32 million, which includes roughly $6.9 million next year for consulting services, or $575,000 per month. The deal also includes a one-time $12 million severance check.

The average MGM Resorts employee made $36,192 in the most recently disclosed year (2018) — or 290 years’ worth of work to pay off only the principal listing price of Murren’s Summerlin compound.