In Las Vegas, TIX Corporation (TIXC) sells tickets for all kinds of places and events. But not for this place. On 3970 Spencer Street in Las Vegas is an oddly shaped residential house with a barren yard around it with 11 air conditioners and several vents. Beneath it is one of the strangest homes you will ever find. You can't see it with a ticket, but you can see it if you have a broker and show proof of funds. It is an underground home built in the 1960s. A wealthy man tried to create a business of underground homes, inspired by the fear of the Cold War. But the business sank. What remained was his own model home which he lived in for many years with his wife. It is, according to the listing, a 6,000 square feet home within a 14,000 square feet underground setting.

The wife, Mary Henderson, was a celebrity hairstylist of movie stars and she displayed amazing memorabilia along the walls of the indoor home. When she died, her family tried to make it a place for vacations and special events. But the cost to run the place outweighed the meager profits, and he sold it during the housing bubble in late 2005 for $2,000,000.

A strong housing market has returned, and yet this house has remained on the market for nine months and two price drops. It is now listed at $1,500,000.

Have investors gotten more picky or is there more to this particular story? Extensive research about the property reveals that in 2005 it was fully furnished with valuable memorabilia, sculptures and chandaliers among other things. That may have added considerable value to the sale. It was move in ready. Today, it requires extensive restoration. The carpets are 40 years old.  It has roof leaks and there is a question about how long such a unique roof can last, especially in the event of seismic activity. Prices in the area are down 40% as the neighborhood has become unattractive.

It is an expensive place to run with high energy costs and upkeep. It is similar to a condominium building with cheap penthouse units offset by very expensive HOA costs. In any case, houses can be valued just like any investments. Using the 2005 sale and factoring in $200,000 of restoration, $200,000 of missing historical memorabilia and a 40% area price drop, this place should find buyers at closer to $800,000 than $1,500,000.