4 Comments
Facebook
Fark
Digg
Reddit
Stumble
John Katsilometes
Kelly Clinton and Ronnie Rose sing “Last Dance” as the Stirling Club at Turnberry Place closes.
Friday, July 6, 2012 | 5:53 p.m.
Mark OToole sings as Gabriel Falcone does not as the Stirling Club at Turnberry Place closes.
A look at the throng 30 minutes before the Stirling Club at Turnberry Place closed its doors.
The Stirling Club closes, so there is dancing.
Stephen Siegel, shown on the sixth floor of the former Atrium Suites, a property that needs a little love.
Nearly two months after its closing, the Stirling Club continues to bubble over with activity.
The Mansion at Turnberry Place is now listed for sale on the Sotheby’s International Realty website. The Mansion is home to the Stirling Club, in the heart of the upscale Turnberry Place residential property on the west side of Paradise Road. The residences serve as home to many high-powered and affluent Las Vegans, and the Stirling Club’s main lounge has been one of the city’s more electric (and exclusive, for-members-only) nightspots for more than a decade.
Up for bid on the 3.5-acre parcel is everything offered at the regal Mansion property: the lounges, spa, pool, fitness center, tennis courts, two kitchens, 10 bedrooms, 20 baths and separate staff quarters — all housed in an 80,000-square-foot main building and separate stand-alone buildings. The purchasing party would have the option of turning the Mansion and all those amenities into an entirely private home.
The asking price from Turnberry Place owners Jeffrey and Jacqui Soffer and their company, Turnberry Associates, is a stunner: $18 million. That’s between $4 million and $5 million higher than what Stirling Club nearly sold for on May 19, the day the club closed. A last-gasp effort to purchase Stirling Club by the Siegel Group (whose founder, Stephen Siegel, is a Turnberry Place resident) fell apart just as club officials were preparing to announce to the crowd filling the lounge that a buyer had been secured.
The Siegel Group is madly busy in Las Vegas these days (its most recent acquisition is Atrium Suites, just north of the Hard Rock Hotel on Paradise Road), and Turnberry Place residents were fired up to learn that was the company trying to rescue the club. But the deal unraveled as the Turnberry Place Master Homeowners’ Association failed to reach a majority decision to approve the transaction.
Siegel Group Senior Vice President Michael Crandell says efforts by the company to forge a deal to buy Stirling Club are continuing, and officials with Siegel Group are still in talks with Turnberry Associates reps to make that happen.
Still, no formal agreement has been made by anyone to buy and reopen the club since it closed. Most (if not all) Turnberry Place residents have stopped paying their $400 monthly dues to keep the club and property in top condition. David Atwell, the longtime Las Vegas real estate developer (and also a Turnberry Place resident), has been working on the deal for months. As he says, even if a buyer surfaces who is willing to pay the $18 million for the entirety of the Mansion, proper documentation to complete the sale still needs to be sent from Turnberry Associates to that buyer.
The feeling among those who know the numbers and the state of the property is that finding anyone willing to spend $18 million on the Mansion is a long shot. Maybe a flush-with-cash high roller will see the Sotheby's listing and leap at the chance to own one of the city's more enviable properties. But the last real hope to salvage Stirling Club is likely in the hands of the Siegel Group, which has made Las Vegas — and Turnberry Place — its home court.
Follow John Katsilometes on Twitter at Twitter.com/JohnnyKats. Also, follow “Kats With the Dish” at Twitter.com/KatsWithTheDish.
I thought Atrium was the boutique hotel right off Sahara near the 15? Enter off Highland Drive. Right? Or am I confused?
I believe you're thinking of the Artisan, which Siegel Group also owns.
The Soffers are never going to get their asking price. It just is not going to happen. Of course Siegel is looking for a bargain basement price. The deal is not going to happen between these two guys. Someone else will probably come and the deal will get done but not for a while as financing is non existent today.
I just can't see a club surviving there under a "members only" type business model - and that's with a substantial infusion of dues money. When I was in the process of buying a condo on The Strip two years ago I had serious doubts about the viability of the Stirling Club. Those doubts were strong enough I bought elsewhere - and am glad I did.