Ivana Tower Land Sale
The projects developer, Australian 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 first posted the site himself for $49 million in December 2005 on a real estate Web site.
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. Where back in July 2005 a presentation of the Ivana project for real estate agents was held at Bellagio the same day Donald Trump broke ground on Trump International.
The cancelled Ivana project was a $700 million condominium tower that offered 945 units ranging in price from $600,000 to $35 million with a proposed height of 900ft.