Icahn Quadruples His Money in $600 Million Las Vegas Resort Deal

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A partnership led by New York developer Steven Witkoff bought the site of the stalled Fontainebleau resort for $600 million, over seven years after billionaire Carl Icahn acquired the property out of bankruptcy.

Witkoff said he has been researching the purchase for four weeks. The land in 2755 South Las Vegas Boulevard, sitting on roughly 27 acres (11 hectares) in the north end of the Strip, was about 70 percent total when Icahn won court approval to take it over. Icahn Enterprises LP, his company, acquired the land for $148 million in February 2010.

#x 201C & the evolution;is one of the physical assets in the country, which is one reason we were drawn to #x 201D, & it; Tuesday, Witkoff said in an emailed statement. “The resort is ideally situated on the Las Vegas Strip,” not much from the Las Vegas Convention Center, that is in the midst of a $1.4 billion expansion and renovation.

Icahn, in a separate announcement, known as the Fontainebleau one of his company’s “hidden gems. &Icahn Enterprises #x 201D & #x 201C;acquired this asset when others were reluctant to invest, and the sale has resulted in a profit of approximately $457 million for our unit holders. ”

Also See: Hard Rock Casino at Vegas Is Said Put Up for Sale by Brookfield

Witkoff, one of Manhattan’s most prolific developers, is notorious for building high-end condo towers and resorts. His jobs include 150 Charles St., a luxury building in the West Village famous for celebrity residents such as Jon Bon Jovi and Ben Stiller.

Hotel investment at the U.S. has slowed as the industrial real estate market hastens after several decades of record-shattering growth. Witkoff was a part of a group that in 2007 had ill-fated plans to come up with a swath of property alongside #x, Las Vegas &2019;s Hard Rock Hotel & Casino.

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