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Location: Las Vegas, Nev.
The Skinny: As the Las Vegas market continues its Great Unwinding, with half-built mega-resorts preparing to meet the wrecking ball and luxury residential towers struggling to move square feet at anywhere approaching pre-bust prices, even the mighty Maloof hotelier family is paring back their holdings, putting their Palms Place penthouse on the block for a cool $38M. It's by far the most expensive listing in town—Wayne Newton's hideously overpriced ranch was delisted in fall after failing to sell at a reduced $48M. And, let's face it: given the city's rich history of whacked-out penthouses, this one in particular promises to be utterly amazing, especially when you consider that this is the family who gave us the Fantasy Tower, a skyscraper full of themed rooms like the Barbie Suite, the Kingpin Suite and, ickily, the Erotic Suite. Unfortunately, what we have here offers none of the glitzy, guilty pleasures of any of those rooms—it's just an overlarge honeytrap for the corporate crowd, a place where they can come to be fêted in numbers (the unit fits 500!), plied with bland EDM by a celebrity DJ, served complimentary drinks in rooms that can pass for stylish without actually possessing any style, and whisked away via helicopter immediately after writing a tax-deductible check to a political campaign/art museum building fund/Super PAC. The one thing the place does have going for it is an impressive display of gigantism, with 35 flat screen TVs, a DJ booth, a master suite with a moon roof and a 72-square-foot custom bed, and 27,000 total square feet of indoor/outdoor space. Oh, and the Maloofs are also sweetening the pot by throwing in a Dali, a Picasso, and all the furnishings.