Former MGM CEO Jim Murren finds buyer for Las Vegas mansion
Published on: November 12, 2023, at 10:21 pm.
Last updated on: November 12, 2023, at 10:21 h.
Jim Morin has finally found a buyer for his Summerlin mansion at The Ridges, the luxury gated community in the foothills of the Spring Mountains, more than three years after he and his wife, Heather, initially listed the pad for $10.5 million.
The Murrens’ home at 7 Feather Painted Way sits on 1.5 acres, and is called a “Skyspace” by the architects and interior designers who transformed the residence into a “desert retreat” for one of Southern Nevada’s richest couples. Adjacent to Red Rock Canyon, the Murrens bought the nearly 13,000-square-foot home in 2014 for $11.85 million.
The property features four bedrooms and six bathrooms, plus a separate one-bedroom guest cottage. The home’s amenities include a floating dining room, a Zen garden, an underground wine cellar, a movie theater, bamboo and pine trees, a resort-style pool, and floor-to-ceiling windows offering nearly unobstructed views of the Las Vegas Strip. 10 miles east.
Although the real estate market was hot during the pandemic, Morin couldn’t find a buyer willing to pay more than $10.5 million when his Ridges property was first listed in July 2020. The couple removed the listing in November 2020.
The mansion returned to the market last June for a much higher price of $17.75 million. This time, the Morin family found a buyer, but not before negotiating the amount down to $15.95 million, a discount of more than 10%.
Real estate records show the sale closed on Sept. 29. The buyer purchased the property under an LLC called “Outrageous Vegas.”
Maureen rises to riches
Morin’s time at MGM began in 1998 when he joined the casino giant as CFO. Maureen was later appointed Chief Operating Officer before being appointed Chairman and CEO of the company in late 2008.
Morin oversaw MGM through several critical periods, first in dealing with the Great Recession, which involved an extensive reorganization. MGM was at the time in the midst of an $8.5 billion CityCenter development in partnership with Dubai World, an investment firm owned by the Dubai government.
Morin left MGM Resorts International as Chairman and CEO in February 2020 to lead the Nevada COVID-19 Response Task Force in a non-compensatory role.
Morin was compensated generously during his tenure as CEO of MGM. When he left the casino company, he was named by a non-profit organization as one of the most overpaid CEOs in the United States.
Morin in 2019 earned 355 times the average MGM employee’s compensation. His salary that year was about $13 million. His exit package was worth $32 million.
Maureen Post MGM Resorts
Maureen is very wealthy, but at sixty-two, he is not yet ready to retire.
In May, Maureen was appointed CEO of the newly formed Ritz-Carlton Yacht Group. The company operates three ultra-luxury yachts offering all-inclusive experiences. Offers start at over $10,000 per couple for a week.
Along with overseeing the Ritz’s yachting programme, Maureen was appointed in September as Chairman of the UAE’s newly formed Gaming Regulatory Authority. Morin is also co-president of Cirque du Soleil Entertainment Group, a position he has held since April 2020 following the sale and reorganization of the theater company.