LAS VEGAS (FOX5) -- Phil Maloof has sold his sprawling Las Vegas penthouse for more than $12 million.

Located on the 59th floor of Palms Place, the 25,000-square-foot penthouse marked the largest penthouse sale in Las Vegas.

The property was purchased by TurnKey Pads, a luxury vacation rental company that specializes in multimillion-dollar properties, according to Ivan Sher Group, who represented Maloof in the transaction. The purchase marks Turnkey's largest purchase to date.

The home, which is dubbed "The Eighth Wonder of the World," features 360-degree views of the Strip, private elevator access, three bedrooms, five baths, a fitness room, an elevated DJ booth, resort-style bar and great room and a 30-foot movie screen, among other amenities. 

Maloof has owned the penthouse since construction of Palms Place was completed. He said he wanted to move to a home with a yard for his German Shepards to play in. 

The new owners plan to utilize the space to host events, weddings, bachelor and bachelorette parties and more. Turnkey also plans to add roughly $1 million in renovations to the property before they begin offering it for use. 

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