CBRE hired by billionaire Carl Icahn to sell Fontainebleau casino
Commercial real estate giant CBRE has been appointed by billionaire business magnate Carl Icahn to sell the Fontainebleau Las Vegas, an unfinished 68-story hotel casino on the Las Vegas Strip, the company said today.
The owners of the resort, which was planned to be a $3bn (£2bn) development which included a 3,800 room hotel, last week agreed to cover up the unfinished building that has been an eyesore on the strip for last six years. At 730 feet, it stands as the tallest hotel tower on the Las Vegas Strip.
Icahn bought the casino for $150m in 2010 after the original developers went bust. He has not developed the site since, which was around 70 per cent complete when he bought it.
CBRE are now expecting to sell the plot for $650m, according to the Wall Street Journal.
Chris Giunchigliani, commissioner for Clark County, Nevada, which includes Las Vegas, described the site as an "empty, gaping mouth that faces the Strip".
John Knott, executive vice president, CBRE Las Vegas, said:
The structure has been well-maintained and is ready for immediate development to bring to fruition the vision of its next owner. This is an unparalleled asset with significant potential on one of the most landmark streets in the world. Opportunities like this are few and far between.