Nevada probate wasn’t boring in 2015. I love practicing probate in Nevada. As we begin a new year, this post will review some of the more interesting and important events from Nevada probate in 2015.
$10 Million Auction in Clark County Probate Court
It’s not unusual for real property to be sold in the Nevada probate process. When a person dies, and they leave behind real property in their own name, it is sold at public auction in the Clark County Probate Court. Almost all of the real property auctioned off are modest, middle class homes ranging from $100,000 – $300,000. That’s why heads turned on February 27, 2015 when a 60% interest in the legendary Peppermill on the Las Vegas Strip was auctioned off in public for $10,650,000.00. Normally, properties of that magnitude and prominence would be held by a trust or corporation and never end up in a Nevada probate court. The sale was covered by the Las Vegas Review-Journal, and I was quoted:
Local probate attorney Thomas Grover of Goodsell & Olsen said he was watching the public auction of properties Friday morning when the sale came up, amid auctions of $150,000 and $350,000 homes.
It’s unusual to see a commercial property with the Peppermill’s value in a court auction, Grover said. Such properties are usually held in trusts or corporations and bypass probate court.
“It’s interesting nobody showed up, because it’s such a prime piece of real estate,” Grover said. “If someone had showed up and outbid (the Doumanis), they could have ended up with a majority co-owner not of their choice, which would have made it really interesting.”
Summary of Clark County Probate Court Real Estate Auctions in 2015
$73,997,603.00 of real property was auctioned off in Clark County Probate Court in 2015, according to data compiled by Nevada probate real estate agent Steve Hoopes. In total, 355 separate pieces of real property were sold, or approximately 7 every Friday.
If you remove the Peppermill sale, mentioned above (because it is such an outlier), $63,347,603.00 of real property was auctioned off in Clark County Probate Court in 2015. For the year, the average sale price was $178,443.95 (not including the Peppermill) and the median sale price was $169,500.00.
In 2014 336 properties were sold at auction, the average sales price was $160,474.50 and the median sales price was $143,000.00.
As mentioned, these statistics were compiled by Steve Hoopes, a real estate agent who specializes in Nevada probate sales. I recommend Steve to all my clients because it is crucial to use an agent who is familiar with the Nevada probate process. Real estate agents unfamiliar with the special Nevada probate procedures and requirements can do a lot of damage. Steve is also just a great, hard working agent which is why I used him for my personal agent when I bought a home last year. You can contact Steve at HoopesandNorton.com or you can call him at 702-340-1545.
Next Monday I’m going to provide some more in depth analysis of the real estate sales in 2015 based upon the data that Steve so meticulously gathered this past year.
Changes to Nevada Probate Law in 2015
There were important changes to Nevada probate law in 2015:
- The ceiling for Summary Administration is now $300,000.00.
- Estates may be administered by affidavit up to $100,000.00 if there is a surviving spouse and no real property (up from $20,000.00).
- Estates may be administered by affidavit by non-spouses if there is no real property and the estate is worth less than $25,000.00 (up from $20,000.00).
- Though already the practice (and arguably the law), a bill was signed into law which explicitly stated that wills lodged with the court are a public record open to inspection by anyone.
Clark County Probate Court Moves
For many years, the Clark County Probate Court was held every Friday in Courtroom 9 at the Family Courts and Services Center at 601 N Pecos Rd, Las Vegas, NV 89101. The Clark County Probate Court has moved to the Regional Justice Center in downtown Las Vegas at 200 Lewis Ave, Las Vegas, NV 89155. Clark County Probate Court is still held every Friday morning at 9:30 a.m., now in Courtroom 3F of the RJC.
Probate Commissioner Wesley Yamashita also moved his chambers downtown to the Phoenix Building, which is across the street from the Regional Justice Center. For purposes of mailing or providing courtesy copies, the address of the probate office is 330 S 3rd Street Suite 1060, Las Vegas, NV 89101.