Infighting and a better offer have caused the Moulin Rouge to be open yet again for development. Two days ago, Clark County District Judge Elizabeth Gonzalez stopped the sale of the Moulin Rouge property of Las Vegas due to a better offer on the table as well as infighting from within the Moulin Rouge Holdings LLC Company.
A new offer on the table for the property comes from AMA Realty LLC, a group based in Georgia. $9.5 million was offered by the group for the property, with Kevin Hanchett, the receiver of the property, stating he will be filing a motion to have this sale approved as soon as possible. Over 300 unnamed investors are anxiously awaiting the sale of the property as once a deal is closed, the investors will be repaid money based on a loan of $19 million that a previous borrower defaulted on.
Moulin Rouge Holdings LLC managing member, Boris London, was glad the judge denied the sale and is relieved to no longer be dealing with the site or the company. According to the Las Vegas Review Journal, London reportedly didn’t want to comment on the matter until he is able to get a deposit of $500,000 back.
London placed $500,000 in escrow with the Fidelity National Title Group. The money was to be used to purchase the property and an agreement was made that he would be able to take back his deposit if the sale were to be denied or if he decided to cancel the deal before the 13th of May, according to reports.
On May 9, 2016 London requested a cancellation of the deal.
William Devine, an attorney of Las Vegas, representing London, stated that the sale was being forced on London after a cancellation had already been issued. Devine also stated that the money should be returned to London. Scott Johnson who has spoken for Moulin Rouge, has reportedly stated that he is working to see that London is refunded his deposit and is also trying to remain involved in the development of the Moulin Rouge.