Well-known billionaire investor, Carl Icahn is going to be taking control of the incomplete (and bankrupt) Fontainebleu Hotel in Las Vegas, practically by default, since he only submitted the only qualifying bit for the resort, at $156.5 million. This week, court papers were filed, which canceled the auction for the property that was scheduled on Thursday in Miami. All paperwork and financing will be finalized by January 27. Attorney for the Chapter 11 examiner, Eve Karasik said that there were two other unidentified bidders, but that they didn’t include deposits and didn’t seem to possess the means to purchase the property. The 63-story Fontainebleau was about two-thirds into its completion when about 70 percent was complete at a cost of $2 billion, and then developer Jeffrey Soffer filed for bankruptcy on the project. It’s only on 27 acres at the north end of the Las Vegas Strip. The costs to complete the project are estimated to be at approximately $1.5 billion.
Via: The Real Deal
