Rich MacDonald plans to use the recent sale of his DragonRidge Country
Club in Henderson as a tax loss while focusing exclusively on selling
quarter-acre lots for $360,000 to $400,000 at his MacDonald Highlands
development overlooking the upscale golf course. Canada-based
Pacific Links International paid a little more than $11 million for the
186-acre golf course, adding the 7,032-yard course to a Las Vegas Valley
portfolio that includes the SouthShore and Southern Highlands golf
clubs. MacDonald said the golf course is an amenity for his
900-unit, ultraupscale residential development on 2 square miles
bordering the course. “(The deal) gives me the opportunity to
spend all my time on selling (lots). That’s really my business,” he
said. “I got caught up with the golf course, but it’s not what brings in
the bread and butter.” The residential lots do that. Before the
Great Recession hit in 2007, the lots were selling for at least $1
million, MacDonald said. The lots provide space for high-end
houses. The minimum size house in the development is 5,000 to 6,000
square feet, with some in the 10,000 to 12,000 square feet range,
MacDonald said. The biggest house is a 35,000-square-foot single-story
residence, which MacDonald said is one the nation’s largest one-level
houses. MacDonald said he will also use the DragonRidge golf
course sale as a tax loss to help offset residential land losses during
the past five years. MacDonald said he projects lot sales of $20 million
in 2014 — up from $16 million in 2013. MacDonald, 68, said he wants to spend his next few years trying to unload those lots. “I don’t want to be doing this in my eighties,” he quipped.
Author:Ivy Beller Phone: 702-526-2298 Dated: February 22nd 2014 Views: 590 About Ivy: Over 17 years experience in residential sales, land, multifamily and commercial. Director of sales ...
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