House of the Day: Almost a Sure Bet in Las Vegas

If there was a shred of doubt left in your mind that Las Vegas' real estate market has not only hit bottom but may be burrowing itself deep in the desert sand, take a gander at this 11,640-square-foot beauty whose price has dropped from $11.5 million to $3.9 million in three years.

It's located in the premium gated 'hood of The Estates at Southern Highlands (think tree-lined streets, lots of lush fairways, cascading waterfalls -- and that's just the stuff surrounding the one-acre property).

This Italian-style villa screams "old world elegance." It has Swarovski Crystal chandeliers, 187 hand-picked slabs of granite and Giallo Antico marble, Crème Marfil pillars, hand-hewn wood floors and one-of-a-kind hand-made Italian furnishings that are being sold with the estate. The formal dining area has built-in cabinetry custom-made in Italy. There is a music room, a 10-seat home theater, and an owners' wing with entry doors created by artist Leslie Rankin.