Carl Icahn purchased the Fontainebleau of Las Vegas in 2010 for $150 million after the previous owners had ceased construction, leaving somewhat of an eyesore along the Las Vegas Strip. In 2015, Ichan was asked to cover a portion of the Fontainebleau as it was deemed unattractive in the landscape. It was at this time that Ichan decided he would put the property up for sale with a purchase price of $650 million.
The property has been for sale since November of last year and reportedly a potential buyer has been interested in purchasing the Fontainebleau since that time. The individual is known as an entrepreneur who reportedly has a presence in the gaming industry but nothing more has been released on the interested buyer.
CBRE Las Vegas is the group that listed the property for Carl Ichan and Executive Vice President of the company, John Knott is now stating that the Fontainebleau could be sold before summer is over. The brokerage firm is handling the sale of the property and according to ReviewJournal.com, Knott has stated that there is still some work to do but there is a real deal on the table with due diligence having been started.
Knott stated there is hope that the deal will be done and that something will be announced soon. The potential buyer has been required to go through certain hurdles according to Knott, to demonstrate that the individual has the financial capacity for the deal to be successful. Knott has reported that the individual has support from a money partner and has partners in capital, gaming and the hotel industry.
The Fontainebleau was left unfinished after construction began in 2007 and was stalled two years later. The initial plans were to include condominiums and hotel rooms, with just over 3,800 to be created in total. Knott believes the project will be continued in the same manner in regards to design and believes it will take around $1.2 billion to complete. Two years would be needed to finish the tower.