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Gaming Guru

Arnold M. Knightly
 

Ivana LV site for sale

29 May 2007

LAS VEGAS, Nevada -- While ex-husband Donald was busy with a topping-off ceremony for his condominium project, a site formerly slated for a similar project tied to Ivana Trump has been relisted for sale.

Australian developer Victor Altomare and land owner Rinkai America recently hired CB Richard Ellis to market the 2-acre site, the former Holy Cow brewery and casino, on the northeast corner of Sahara Avenue and Las Vegas Boulevard for $50 million.

John Knott, executive vice president of the Global Gaming Group for CB Richard Ellis, said the firm has received many inquiries about the property and expects to have a buyer in place by the end of June.

He added 75 percent of the inquiries are coming from parties looking for opportunities to enter the market.

Altomare, who could not be reached for comment, first posted the site himself for $49 million in December 2005 on a real estate Web site.

Bruce Hiatt of Luxury Realty Group said one of the challenges of the site is that it is wedged in by surrounding structures owned by other parties.

"Every project has to have adjoining property to do their staging," Hiatt said. "It will have a huge impact on whoever comes in and wants to buy the property."

The property was acquired by Rinakai America through a series of land buys totaling $14.8 million in the late 1990's.

Knott said Altomare and the owners want to sell the land outright and aren't seeking a joint venture.

The raising of the property's profile while Donald Trump is in town mirrors the way the Ivana Las Vegas project was initially announced.

A presentation of the project for real estate agents was held on July 12, 2005, at Bellagio, the same day Donald Trump broke ground on Trump International.

A newspaper ad placing Ivana Trump in front of a project rendering ran the week before the real estate meeting.

The proposed $700 million condominium project offered 945 units ranging in price from $600,000 to $35 million.

The tower had a proposed height of 900 feet. Whether it ever received Federal Aviation Administration approval could not be verified late Friday.