Tuesday, Aug. 30, 2005 | 11:06 a.m.
Former strip club king Michael Galardi's 22,000-square-foot Las Vegas home is for sale for $17 million.
No word if he'll accept that in $1 bills.
The modern-day castle is the most expensive home currently listed for sale in the Las Vegas Valley. If it sells at $17 million, it would be the most expensive house ever sold in the valley, according to the Greater Las Vegas Association of Realtors.
Local architect Richard Luke confirmed he designed the Queensridge house but declined to give details of the property owned by Galardi, at the center of public corruption probes in San Diego and Las Vegas involving his strip clubs.
Realtor.com, the Web site of the National Association of Realtors that lists limited information about properties for sale by the group's members, describes Galardi's three-year-old house as a custom built, tri-level home.
The family room is as big as many people's entire house -- 1,760 square feet. The master bedroom, one of five bedrooms in the house, is another 1,058 square feet. The house has 10 bathrooms.
The house was first put on the market in 2003 for $20 million, following Galardi's indictment, but didn't sell despite its amenities. Some in the industry said it was overpriced.
The home, on 1.5 acres, was put up for sale again last week at the reduced price of $17 million.
"The property says Las Vegas," said longtime Realtor Fafie Moore, owner/broker of Realty Executives of Nevada. Moore does not have the listing for the home.
There is a full outdoor kitchen with Viking appliances, infinity-edge pool, spa, grotto and waterfall, all of which Moore considers the showcase of the house.
Marble flooring is used throughout the estate. A 15-car garage and gourmet kitchen are also part of the house.
All of the furniture -- and the washer and dryer -- is included.
The house, with its pool, views of the city and contemporary design is the perfect home for entertaining, Moore said. The house features a movie theater, indoor gym, racquetball and basketball court.
The fees associated with the home are not for the faint at heart.
Property taxes for the 2005-2006 tax year are $81,931.27, according to the county assessor's office. The homeowner association fees total $440 per month.
Galardi's house isn't the only multimillion-dollar home on the market.
There are 35 houses (31 single-family homes and four high-rise condos) listed in the Multiple Listing Service for more than $5 million.
"Less than 1 percent of the people in our marketplace can afford these homes," said Linda Rheinberger, GLVAR president-elect and owner/broker of Las Vegas No Ka Oi Realty.
When asked who buys a 22,000-square-foot home, Rheinberger said: "Well, Mike Galardi; people of his wallet and people who want exactly what they want."
Moore said based on the features of the home -- the pool complex, wet bars and indoor sports courts -- the buyer will most likely come from the entertainment or sports industry.
The most expensive home sold since 2000 was a 24,006-square-foot house on 11 acres near Warm Springs and Pecos roads for $14 million. That house was sold to Eric Petersen in July 2004, according to Clark County assessor's records.
The statistics are based on a search of Clark County recorded sales from 2000 to date. There were no sales before 2003 more than $5 million, according to assessor's records. The search did not include homes built but never sold.
Rheinberger said the Galardi house is the most expensive home ever listed in the Multiple Listing Service and if sold for $17 million would be the most expensive home sold through the association's database.
As to how long it generally takes to sell a house of such magnitude, Moore said there is nothing to compare it to.
"When you get into these unique properties, it could sell in two or three months, or six months to a year," she said. "It's really getting the marketing out there."
Bob and Jill Barnhart with Red Rock Realty Las Vegas have the listing on Galardi's house, but did not return phone calls.
Galardi has agreed to cooperate with the federal investigation and has pleaded guilty in the two federal corruption probes. This summer, a San Diego federal jury convicted that city's now former mayor and a city councilman Ralph Inzunza of taking bribes. Former Clark County Commissioner Lance Malone also was convicted.
Malone, along with former Clark County Commissioners Dario Herrera and Mary Kincaid-Chancey face similar charges in the Las Vegas corruption case. That trial is expected to begin early next year.
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