Phil Maloof spends $4.5M in Palms Place

Phillip James Maloof bought a two-bedroom, four bath condo at 4381 Flamingo Road in Paradise from TAS Properties for $4.5 million on July 3.

The 4,992 square foot Unit #5901 is in the Palms Place at The Palms development.

Maloof is an executive vice president with the Maloof Companies and chairman/CEO of Maloof Productions, which is engaged in TV and music production. He's worked as a producer for an episode of "Living Lohan."

A scion of the famed Maloof family of Las Vegas - which own Palms Place - he was a New Mexico state senator during the late 1990s.

He attended New Mexico State University, where he played quarterback for the school's football team. He earned a post-secondary degree from the University of New Mexico.

Palms Place houses 599 units in its 47 stories and was constructed in 2007.

Condo sales in Paradise dropped 32 percent in 2007 versus sales in 2006. The median sales price went up from $375,000 to $513,000.

Address: 4381 Flamingo Road, Unit: 5901
Buyer(s): Phillip J Maloof (Trustee) and Phillip J Maloof Trust The
Seller(s): Palms Place Llc
Sale date: Jul. 3, 2008