Vegas land once eyed for Clooney-backed resort is for sale

By The Associated Press | Posted - May 19, 2015 at 4:20 a.m.



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LAS VEGAS (AP) — Sixty acres of land off the Las Vegas Strip that at one time promised a George Clooney-backed resort is for sale again and for a third of its pre-recession price.

Broker CBRE said Monday the land in-between the Planet Hollywood and Hard Rock hotels and casinos is on the market.

There's no price tag but brokers are using the Riviera Hotel and Casino's $7 million-an-acre sale as a guide discounting that by half since the 60 acres is off-Strip. That could bring the total to $210 million.

The land fetched high pre-recession prices. George Clooney and development partners sold 25 acres for $202 million in 2006. A subsidiary of Africa Israel Group bought all 60 acres for $625 million in 2007. Lenders paid $150 million when it foreclosed in 2014.

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The Associated Press

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