An association drove by New York engineer Steven Witkoff purchased the site of the slowed down Fontainebleau resort for $600 million, over seven years after very rich person Carl Icahn procured the property out of chapter 11.
Witkoff said he has been investigating the buy for four months. The property at 2755 South Las Vegas Boulevard, sitting on approximately 27 sections of land (11 hectares) at the north end of the Strip, was around 70 percent finish when Icahn won court endorsement to take it over. His organization, Icahn Enterprises LP, obtained the property for $148 million in February 2010.
The development “is one of the best physical assets in the country, which is one of the reasons we were attracted to it,” Witkoff said in an emailed statement Tuesday. “The resort is ideally located on the Las Vegas Strip,” not far from the Las Vegas Convention Center, which is in the midst of a $1.4 billion expansion and renovation.
Icahn, in a separate statement, called the Fontainebleau one of his company’s “hidden gems.” Icahn Enterprises “acquired this asset when others were unwilling to invest, and the sale has resulted in a gain of approximately $457 million for our unit holders.”
Witkoff, one of Manhattan’s most productive designers, is known for building top of the line townhouse towers and inns. His ventures incorporate 150 Charles St., an extravagance working in the West Village referred to for superstar inhabitants, for example, Jon Bon Jovi and Ben Stiller.
Inn interest in the U.S. has hindered as the business property showcase cools following quite a while of record-shattering development. Witkoff was a piece of a gathering that in 2007 had doomed intends to build up a swath of land by Las Vegas’ Hard Rock Hotel and Casino.