American billionaire businessman Carl Icahn is the chairman of Icahn Enterprises and Federal-Mogul. At a total net worth of $16.6 billion, Forbes Magazine placed him the 26th wealthiest person on Forbes 400 and the 5th wealthiest hedge fund player as of February 2017. Donald Trump himself recruited him as an adviser on financial regulations. However, Icahn stepped down as media found several conflicts of interest. As of recently, Icahn succeeded another amazing business move for selling unfinished hotel casino for four times what he paid for it so far.
The Unfinished Hotel Casino Fountainbleu Was Abandoned for Ten Years
The Fountainbleu is an unfinished Las Vegas project that was abandoned a long time ago. However, the construction has now new owners. Thanks to a $600 million purchase, the property has one more chance to become a completed work.
Visitors may not find the Fountainbleu a new attraction. However, the north end of Las Vegas needs additional tourist points to revive the area to financial growth.
The unfinished hotel casino consists of 63 stories that were left in ruin for almost a decade. Nonetheless, after a purchase of four times the original investment Carl Icahn spent on it, the construction is ready to be resumed.
The Property Needs Further Funds of at Least $1 Billion to be Turned into a Swan
The new owner is the Witkoff Group out of Miami and New York based New Valley LLC. The executives resorted to aggressive strategies to get their hands on this property. However, they still need other funds of around one billion dollars for renovations.
County Commissioner chair Steve Sisolak claimed that some rooms even included pieces of furniture. On the other hand, the new owners might like to imprint their own mark in the interior design and make additional changes.
Carl Icahn bought the property back in 2010 for $148 million. The initial developer was at the $2 billion mark with this project when the recession forced the person to abandon it altogether. The new owners spent so far $600 million and still need at least $1 billion for the grand opening.
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