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Wayne Newton's former Casa de Shenandoah ranch takes multi-million-dollar hit

FoxBusiness.com

It’s not the kind of hit legendary crooner Wayne Newton usually gets.

New records filed in Clark County, Nevada show his former home sold for a paltry $5.56 million in July.

That’s a huge cut from its initial 2013 asking price of $70 million.

The ranch, known as “Casa de Shenandoah,” sits on more than 36 acres of desert landscape and has the legendary “white house” mansion, along with six other homes. He bought the property in 1966.

KTNV-TV was one of the first to report the sale. Also offloaded: a commercial spot nearby that included a gift shop and theatre that sold for just under $5 million.

Both properties were sold by a Texas-based company (ICSD LLC) owned by billionaire Lacy Harber, who is known for her affinity of Newton’s music. He reportedly retained a 20 percent stake in the company when he sold it to Harber.

Her company bought the two properties with the intention of creating a tourist attraction, but it closed within three years and went into Chapter 11 bankruptcy shortly after.

Las Vegas-based Smoketree LLC, which bought the massive space, is likely walking away from the sale singing “Danke Schoen.”

According to Realtor.com, after a month on the market with an asking price of $70 million, the price was cut to $48 million. By 2014, the price hit $30 million.

His family sold the property in 2010 amid bankruptcy for $19.5 million.

Records show the property was built in 1952.

Information from The Associated Press contributed to this report.

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