Las Vegas Strip Land Up For Auction

by Deidre Woollard (RSS feed)
Nov 24th 2010 at 12:02AM

How much is Las Vegas land worth these days? The market will get a new test when a 1.36-acre property with 236 feet of frontage on Las Vegas Boulevard goes up for sale through J. P. King Auction Company. The property is located just north of the famous "Welcome to Fabulous Las Vegas" sign and is offered through a sealed-bid auction. The property is currently home to the 48-room Diamond Inn Hotel which was constructed in 1940. The site is the first hotel/casino seen from I-15 and has been approved by the FFA for buildable heights of 406 feet to 505 feet. The only question is whether or not anyone is interested in building in Las Vegas right now. Of course you could just keep the existing property as is.

"One of the great things about this site is that not only is it an excellent development site, but it is also already producing income," said Sam Aldabbagh, the property's owner. Aldabbagh purchased the hotel in 1978 and it is marked by a large pink elephant facing the strip. Sealed bids for the property must be submitted by 5 p.m. on Monday, December 13.

Gallery: Las Vegas Strip Land For Sale

Tags: j.p. king, jp king, las vegas, las vegas strip, real estate

Filed under: Auctions, Real Estate Developments

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Reader Comments (Page 1 of 1)

rwayne52 Nov 24th 2010 12:17AM

This sale will not be an indication of true Strip property value. Anything south of Mandalay Bay is less then prime. There is plenty of under used land between Mandalay Bay and the Wynn. I will be a couple of years into the next boom before this land would show profit.

reallytorkedoff Nov 25th 2010 9:15AM

I agree. The economy needs to pick up quite a bit and Vegas needs to start seeing a lot more tourists before that end of the Strip is going to be heavily developed.