Joe Maloof, president of Maloof Companies, isn’t used to losing. In fact, the Maloof family has a history of success in practically every venture they have taken on—be it in sports, music, media, or gambling. However, when Joe Maloof sold his Brentwood home, he took a 16 percent hit.
The 6,100-square-foot home with five bedrooms and five and a half bathrooms sold for $4 million. Records show Maloof purchased the house in 2004 for $4.75 million, but apparently Maloof isn’t the only one selling low. According to MDA DataQuick, in the first six months of 2009 other homes in Maloof’s area sold at an average of 19.8 percent less compared to 2008. Median price of the sales this year in the Brentwood neighborhood is $1,725,000.
Maloof Companies, owned and operated by the entire Maloof family, owns the Sacramento Kings and Monarchs, the Palms Hotel and Casino, Maloof Productions and Maloof Music, distribution rights to various beers in New Mexico including Coors, and is one of the largest shareholders in Wells Fargo Bank.
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August 27, 2009New York Real Estate is Looking at the Bright Side
