Barry Shulman to Auction off His $8 Million Vegas Pad

Barry Shulman might have to accept a loss on his $8 million Vegas penthouse. (Image: e-playpoker.com)

The owner of Card Player Magazine, Barry Shulman, is putting his $8 million Las Vegas penthouse up for auction, but he’s unlikely to recoup his stake.

The company in charge of selling the three-story property on October 18, Concierge Auctions, states that Shulman and his wife Allyn paid $2.5 million for their home back in 2004. At that stage it was nothing more than a construction plot, but through Barry’s experience in the real estate industry, he managed to turn it into a Versailles-themed home for a total of $8 million.

Bad Investment for Shulman

While the prospect of selling his home for less than he paid isn’t something a poker player with almost $5 million in career earnings will enjoy, Shulman has come to terms with his decision.

“This will be first piece of real estate I’ve ever had that I’ll sell for less than what I paid for it. Am I happy about it? No. But I’ve already lived through the decision and the grief,” Shulman told the Las Vegas Sun.

Although he may only get just over half of what he paid into the property, his decision does have a plus side: the couple will be moving closer to their grandchildren. While it might not be any consolation to Shulman, he isn’t the only poker player to have taken a financial hit in real estate.

Real Estate Bad Beats

When things turned sour for former Full Tilt board member Howard Lederer, he moved to sell his Vegas mansion for $8.9 million. The 99 Hawk Ridge Drive property went on the market in August 2013 and was described by Zillow as “possibly the best finished home in Las Vegas.”

Unfortunately, that praise wasn’t enough to help Lederer recoup the $15 million he reportedly spent on the property. When all was said and done, Lederer got $8 million for his Vegas pad.

One player who probably made a tidy profit on his Vegas home was Andy Bloch. Although it’s not clear how much he paid for mansion overlooking the Strip, Bloch put it on the market for $8,999,000. The 10,591 square-foot property naturally featured a poker room as well as six bedrooms and an infinity pool.

While it’s unlikely Shulman will get close to $9 million for his penthouse, he’ll certainly be hoping to run good in the auction and limit his losses as much as possible.

Related posts:

Robert Mizrachi Among Early WSOP 2015 Bracelet Winners $10 Million in WSOP 2015 Taxes Goes to IRS and State and Local Outfits Travell Thomas Alleged $31 Million Fraudulent Debt Collection Agency Wire Charges Could Land Poker Player 20 Years Phil Ivey to Take Another Stab at $9.4 Million Crockfords Baccarat Win