Jenna and Michael Morton’s Summerlin home has a 60-foot outdoor slide, a DJ booth and a wine room that holds hundreds of bottles.
3 min
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
Jenna and Michael Morton have created some of the best-known nightclubs and restaurants in Las Vegas.
But when building a home in the area for their family, they veered away from the glitzy excess of the Strip in favour of a calming, desert retreat.
That’s not to say entertainment was an afterthought: The roughly 2-acre property in the Summerlin neighbourhood has a 60-foot outdoor slide and a DJ booth.
“We are in Las Vegas,” Jenna said. “It’s part of what we do in this town. We do fun.”
Now, after about 20 years of fun, the Mortons’ three children are out of the house, and they are listing the home for $19.5 million.
Michael is a son of Chicago restaurateur Arnie Morton, who founded Morton’s The Steakhouse, which has more than 50 locations nationwide.
His brother Peter Morton co-founded the Hard Rock Cafe, and Michael and Jenna operate restaurants including Crush at the MGM Grand and La Cave Wine and Food Hideaway at Wynn Resorts .
The couple paid $1.25 million for the vacant Summerlin site in 2003. At the time, they were living in Chicago but planning to move to Las Vegas to be closer to their work.
Located in the Ridges, a gated community about 15 minutes from the Strip, the property is at the end of a cul-de-sac abutting the Red Rock Canyon National Conservation Area.
“The first time we were there, there were wild burros behind us,” Michael said.
The single-story house spans about 9,400 square feet and curves toward the canyon for privacy and mountain views.
“The curve is an embrace of the mountains,” said Jenna during a video call as she walked outside, the vista framing her face.
In contrast to the over-the-top vibe of Las Vegas hotels and casinos, the couple’s aesthetic at home is what Jenna described as “Japan meets desert,” with clean lines and neutral colours.
The house has seven bedrooms; the primary bath has a soaking tub made out of a boulder.
A wine room has colour-changing Lucite pegs that hold hundreds of bottles. A separate, roughly 530-square-foot guesthouse has a roof deck.
The property is mostly flat, with the exception of a sloped section where the Mortons built the tiled slide, which drops into the pool.
“I looked at it and said, ‘There will be a slide on that hill,’” Michael recalled. It isn’t just children who have enjoyed it—he and Jenna and many of their friends have taken a turn. “A lot of adults hit that slide,” he said.
The Mortons said they entertained frequently, from fundraisers to a birthday party where their son filled an outdoor trampoline with bubbles.
For Jenna’s 40th birthday, the couple hosted a 1960s-themed party that began with a 200-person sit-down dinner, followed by toasts and karaoke.
Michael enlisted the rock band Cheap Trick to make a surprise appearance during karaoke.
As Jenna took the microphone and started belting out their song “I Want You to Want Me,” the band began playing behind her. “We took the rods out of the reactor that night,” he said. undefined
Although selling is bittersweet, the Mortons said they want something smaller now that their children are grown.
The couple—he is 61, she is 59—have a second home in Manhattan Beach, Calif., and they plan to build a smaller house in Las Vegas.
The luxury market in Las Vegas has exploded over the past few years, said listing agent Kristen Routh-Silberman of Douglas Elliman.
There were 76 sales in the Las Vegas area above $10 million in 2025, up from 59 a year prior, she said. The record is held by a home at the Summit Club that traded for $35 million in 2024.
A recent building boom means inventory is finally catching up to demand, according to Routh-Silberman.
The spring market has started early this year, and there seems to be more activity thanks to demand from California and Washington transplants seeking tax advantages, she said.
Rugged coastal drives and fireside drams define a slow, indulgent journey through Scotland’s far north.
A haven for hedge-fund titans and Hollywood grandees, Greenwich is one of the world’s most expensive residential enclaves, where eye-watering prices meet unapologetic grandeur.
Australia’s wealthy class is expanding fast, and Knight Frank says that a surge in billionaires is reshaping the nation’s luxury property market.
3 min
Australia’s luxury property market is being quietly reshaped by one of the most significant wealth expansions in the world.
According to Knight Frank’s latest Wealth Report, the country’s billionaire population is set to grow by 77 per cent over the next five years, rising from 48 to 85 individuals.
That surge sits within a broader wave of wealth creation. Ultra-high-net-worth individuals, those with more than US$30 million, are forecast to increase by nearly 60 per cent to over 26,000 Australians by 2031.
Globally, the pace is accelerating. The report reveals that 89 new ultra-wealthy individuals are created every day, a figure that underscores a structural shift in capital formation rather than a cyclical upswing.
For luxury property markets, this is not just a headline number. It is a demand driver.
Australia’s wealth story is increasingly underpinned by diversification across resources, finance, technology and services, creating a depth of private capital that is both mobile and strategic.
And mobility is key. The ultra-wealthy are no longer tied to a single market. Instead, they are operating across multiple global hubs, maintaining footholds in cities like London, New York and Singapore, while using Australia as a stable base.
In this environment, real estate becomes less about shelter and more about positioning. Trophy assets remain desirable, but capital is increasingly being deployed across the full risk spectrum, from long-term holds to value-add opportunities. For Australia, the implications are clear. As wealth expands, so too does the expectation of product, and the locations that can attract it.
The billionaire effect
While property remains central to wealth preservation, the latest data shows that capital is increasingly spreading across luxury asset classes, albeit with a more disciplined approach.
Knight Frank’s Luxury Investment Index recorded a modest 0.4 per cent decline in 2025, signalling a stabilisation phase after several years of correction.
But beneath that headline number is a more telling shift. Collectors are moving away from speculative buying and toward assets defined by rarity, provenance and cultural significance.
Impressionist art led the market, rising 13.6 per cent, buoyed by landmark sales including a US$236 million Klimt painting. Watches also performed strongly, up 5.1 per cent, driven by continued demand for brands like Patek Philippe and Rolex.
At the same time, more volatile categories have corrected. Whisky values fell 10.9 per cent, while parts of the fine wine market have softened following pandemic-era highs.
Perhaps the most notable trend is behavioural. Younger investors are entering the market through fractional ownership platforms, gaining exposure to high-value assets that were once out of reach.
For property, the parallels are clear. The same focus on scarcity, narrative and long-term value is increasingly shaping buying decisions at the top end of the residential market.
Global wealth
The growth in billionaires is not just increasing demand, it is changing where that demand is directed.
In Australia, Brisbane has emerged as one of a handful of global cities experiencing rapid change in its luxury positioning. The city’s transformation is being driven by infrastructure investment and the 2032 Olympics, with top-end apartment prices rising from around US$6 million to more than US$10 million in just 12 months.
Luxury price growth has remained steady, with Brisbane rising 2.1 per cent in 2025, while the Gold Coast recorded 2.8 per cent.
At the same time, buying power is tightening. US$1 million now buys 5 per cent less in Brisbane than it did five years ago, reflecting the upward pressure on prime markets.
The trend is not confined to capital cities. Regional lifestyle markets are also capturing attention. Geelong’s waterfront has been identified as one of the world’s hottest luxury residential markets, driven by a combination of coastal amenity, infrastructure and relative value.
In these markets, pricing is no longer the sole driver. Lifestyle, accessibility and long-term growth are increasingly shaping buyer decisions, particularly among globally mobile wealth.
Alternative luxury assets
Beyond residential property, high-net-worth individuals are continuing to diversify into alternative assets that combine lifestyle and investment potential.
One of the most compelling examples is vineyard investment. Knight Frank’s Global Vineyard Index highlights the Barossa Valley as one of the best-value wine regions globally, where US$1 million can secure more than 18 hectares of land.
Despite a 10 per cent decline in land values over the past year, the broader outlook remains positive, particularly as the global wine industry shifts toward premiumisation.
This “trading up” trend is seeing consumers favour higher-quality, provenance-driven wines over mass-market products, reinforcing the long-term appeal of established regions like the Barossa and Eden Valleys.
For investors, the appeal lies in the intersection of lifestyle and capital preservation. Vineyard assets offer not only production potential, but also a narrative — something increasingly valued in a market where experience and authenticity carry weight.
