Liberace's Las Vegas Mansion 'Rescued'

Residential News » Celebrity Property | By WPC Celebrity Team | August 27, 2013 2:09 PM ET

Liberace's former Las Vegas home sold for $500,000, less than the property's asking price.

The final selling price was $30,000 less than the listing price, even though Las Vegas home prices have increased more than 20 percent in the last year. The house sold for more than $3 million at the height of the market. 

The flamboyant pianist purchased the two-story, 14,939-square-foot mansion in 1974 and renovated the house to match his style. The mansion sold for $3.7 million in 2006 but was repossessed by JP Morgan Chase in 2010 following the market crash, according to Redfin. 

The home's appearance was far from its prime. "It's been run through the foreclosure ringer," one agent told the Los Angeles Times. "What you've got is a seedy old house in the suburbs that from the start was turned into something it wasn't mean to be."

But the house still features flourishes from its celebrity owner, including a mirror bar with an etched piano image and a reproduction of Michelangelo's painting from the Sistine Chapel on a bedroom ceiling.

The buyer is Martyn Ravenhill, a Liberace fan and vacation property salesman, according to Redfin. Mr. Ravenhill decided to rescue the property, which was available to cash buyers only, and plans to work with the Liberace Foundation for the home's restoration. 

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