Owner of Treasure Island casino loses $3 million on sale of mansion

Phil Ruffin, owner of Treasure Island, in his office on Wednesday, May 18, 2011.

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Las Vegas resident Eric Petersen sold this home on Tomiyasu Lane to Treasure Island owner Phil Ruffin for $15 million. The estate boasts more than 71,000 square feet in building space with 18 bedrooms, nine bathrooms, an 11-car garage and 10-stable horse stall.

Treasure Island owner Phil Ruffin has sold a Summerlin mansion at a steep discount, causing him to take a nearly $3 million loss.

But don’t worry, the 77-year-old billionaire hasn’t exactly been kicked to the curb: He still owns an 11-acre estate he bought a few years ago for $15 million.

Ruffin sold the Summerlin property at 2689 Red Arrow Drive for $2.8 million last month. It was listed for $3.6 million and before that for $4 million.

Property records indicate the casino mogul bought the home in October 2007 for $5.7 million.

The 9,158-square-foot Tuscan mansion has five bedrooms, nine bathrooms and eight fireplaces and sits on a small .4-acre lot, according to Clark County records. It features custom stonework and a home theater.

His other Las Vegas mansion, on Tomiyasu Lane, used to belong to the Sultan of Brunei. The main house alone is roughly 33,300 square feet and has eight bedrooms and 14 bathrooms, county records show.

Ruffin bought that estate in April 2011.

Ruffin lived in the Summerlin house until he moved to Tomiyasu Lane, said Las Vegas broker Florence Shapiro, who represented him in the Summerlin deal. She could not confirm if that house has been vacant or rented out since Ruffin moved.

Unlike many other Las Vegans, Ruffin can well afford to take a loss on a home sale. According to Forbes magazine, he has a net worth of $2.5 billion.

He could not be reached for comment Monday.



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  1. Nice to know that...tell that to the homeless and the minimum salary workers in Sin City...lol

  2. Please provide us a follow up and allow us to know whether or not he will receive a tax credit for his loss.

  3. If as I suspect ( but havent checked or verified) Ruffin bought this property under a business or corporate name, then the loss is deductable. And, if as I suspect he paid cash, then no bank was involved and so its pretty straightforward tax filing,

  4. I have heard that one of those framed pictures on the wall behind Mr. Ruffin is the check he wrote to the United States Treasury for over $200 million (maybe $240 million?) for his portion of the Federal taxes paid on his profit from the sale of the Frontier. When asked why he had that on his wall, he replied "That's there to show the people who say 'The rich never pay any taxes'".