Billionaire acquired the site out of bankruptcy for USD 148M
Carl Icahn sells unfinished Las Vegas casino for USD 600M
After the billionaire bought the property more than seven years ago, New York-based developer Steven Witkoff made an offer of USD 600M for the site handing Icahn and his investors a gain of more than USD 450M.
2017-08-30
Reading time 34 seg
After the billionaire bought the property more than seven years ago, New York-based developer Steven Witkoff made an offer of USD 600M for the site handing Icahn and his investors a gain of more than USD 450M.
Carl Icahn bought the site that was to be Fountainebleau Las Vegas in February 2010, when former developers had filed for bankruptcy as Las Vegas was hammered by the financial crisis.
Steven Witkoff said he has been exploring the purchase for four months. The property at 2755 South Las Vegas Boulevard, sitting on roughly 27 acres (11 hectares) at the north end of the Strip, was about 70 percent complete when Icahn won court approval to take it over.
"We acquired a well-designed, structurally sound integrated resort at a significant discount to both replacement cost and the implied public market valuations of comparable Las Vegas Strip resorts," said Steven Witkoff in a statement.
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