Phil Maloof

The famous Maloof family long ago dropped off the New Mexico economic and political radar but interest remains in what was once a billion dollar dynasty made up of sports, gambling, entertainment and beer and liquor distribution.

The younger of the Maloof brothers--52 year old Phil--is the best know here because of his service in the state Senate in the 90's representing ABQ's westside and for his two runs for the ABQ congressional seat, both of which he lost in 1998 to Republican Heather Wilson. He spent $8 million on those campaigns--and that was 20 years ago.

While the Maloof family no longer walks with the financial swagger of yore they aren't lining up for handouts. From the LA Times earlier this year:

. . . Phil Maloof is hoping to hit the jackpot in Las Vegas. His high-rise penthouse, which overlooks the Strip from the 59th floor of Palms Place, is on the market for $15 million. The mammoth price tag is still a shadow of what he sought five years ago, when he asked $38 million for the home and offered to throw in Pablo Picasso paintings and a two-year lease on a Lamborghini. Accessed by a private elevator, the condo spans roughly 25,000 square feet of indoor and outdoor spaces, including a massive rooftop deck with a spa, 30-foot movie screen and panoramic views of the city.

Phil's father, George Maloof Sr., built an empire only to die in 1980 at age 57. His mother, Colleen, 86, took over the family businesses and with her children took them to new heights. Today they have virtually no business presence in New Mexico after being so tightly wound into the fabric of the state via their investments, philanthropy and support of UNM sports.

The Maloof's were part of the state's economic heyday, helping to bankroll a then growing economy, providing jobs for hundreds if not thousands and proudly representing ABQ and NM even as they spread their wings. Certainly they earned their chapter in the never ending book of La Politica.

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(c)NM POLITICS WITH JOE MONAHAN 2019