Nevada low nationally in share of millionaires

Staff

8 years ago

The California home of the late Jerry Weintraub has been listed for $16 million. Weintraub was best known for his production of "Ocean‘s Eleven", "Twelve" and "Thirteen" and was a manager for Frank Sinatra and Elvis Presley. COURTESY

The Palm Desert, California, estate was fondly nicknamed the "home that Ocean‘s Eleven built." Upon the completion of the home, Weintraub invited the cast of "Ocean‘s Twelve" for an international press junket at the famed Bighorn, an exclusive, private golf community 15 miles east of Palm Springs. COURTESY

With all the glitz, glamour and free spending on the Strip, it might seem that our state was overrun with millionaires. But compared with others states, that’s not the case.

Nevada ranks 41st among all the states and District of Columbia for millionaires, according to a report by Phoenix Global Wealth Monitor, behind Louisiana and in front of Oklahoma. Of the 1,064,251 households in Nevada in 2015, 48,230 of them, or 4.57 percent, have investable assets more than $1 million.

And we’re moving down compared with other states. In 2014, Nevada was 37th among states, although with the same percentage of millionaires. The national average is 5.37 percent.

Tops on the list for the second year in a row is Maryland, and most of the top states run from Wall Street in New York to K Street in the nation’s capital. The two exception s are tourism-rich Hawaii at No. 3 with 7.25 percent of the population worth $1 million (in investable assets or more) and resource-rich Alaska, No. 5 at 6.85 percent.

Bottom of the list, as it has been for years, is Mississippi, at 3.94 percent. It’s the only state below 4 percent.

When it comes to individual cities, no Nevada city added more millionaires in the past year as Pahrump, where the percentage of change for millionaires went up 11.4 percent, according to a New York Times analysis of the report. That same percentage of change in the Las Vegas Valley was 4.5 percent.

See the Phoenix report at phoenixmi.com and the Times article at blogs.wsj.com.

Please send real estate story ideas and tips to hdekeyser@reviewjournal.com or 702-387-2903.

Producer’s Palm Desert estate listed for $16 million

The Weintraub Estate, home of the late Jerry Weintraub, concert promoter and movie producer, has been listed for $16 million. Weintraub was best known for his production of “Ocean’s Eleven”, “Twelve,” and “Thirtee,” as well as being the manager for Frank Sinatra and Elvis Presley.

The Palm Desert, California, estate was fondly nicknamed the “home that Ocean’s Eleven built.” Upon the completion of the home, Weintraub invited the cast of “Ocean’s Twelve” for an international press junket at the famed Bighorn, an exclusive, private golf community 15 miles east of Palm Springs. George Clooney, Brad Pitt, Matt Damon, Catherine Zeta-Jones and her husband, Michael Douglas, all stayed at the estate while Diane Sawyer produced a prime-time feature onsite. The crew conducted entertainment interviews in the morning and then enjoyed the afternoons working out, playing golf and hanging poolside.

Designed by Guy Dreier, the open floor plan with 9,152 square feet inside and more than 1,000 square feet of outdoor covered living was constructed so that with the push of a button the entire house is open and “on,” from music and televisions to water features and fireplaces. The estate has six bedrooms, 7½ baths, a custom pub that pays homage to the iconic Claridge’s Bar in London, media room, office, guest family room, a six-car garage, plus private golf cart garage off the master. The elevation of this site has picturesque views reaching from Palm Springs to Eisenhower Peak and the surrounding Santa Rosa range. Views also include the Tom Fazio-designed Canyons course’s 16th and 17th fairways.

“Beaumaniere limestone flooring, cedar wood ceilings and smooth plaster walls create the perfect gallery to display some of Jerry’s favorite pop-influenced art,” Bighorn Properties broker associate Lorna Ball said. “A stunning, double-sided fireplace is a sculpture in its own right, providing both drama and elegance to set the stage as you enter the home. Much strength was drawn — literally and figuratively — from the natural granite mountains surrounding this estate, so this architectural statement had to be worthy.”

The real star of the show in the master wing is the cantilevered bedroom above the pool. Dreier created a glass floor at the foot of the bed exposing the pool below. As a dramatic touch, electronic corner glass walls glide open effortlessly, making it feel like you are at the edge of the mountain looking out over the entire valley. The bed’s Obechie headboard is a single piece of floating furniture that also incorporates nightstands and a curved credenza, creating a place for art, storage and slumber.