Home Winning Whys Diamond Inn Public sale Fails to Discover Purchaser for Las Vegas Strip Motel

Diamond Inn Public sale Fails to Discover Purchaser for Las Vegas Strip Motel

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Diamond Inn Public sale Fails to Discover Purchaser for Las Vegas Strip Motel

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Posted on: March 17, 2024, 03:27h. 

Final up to date on: March 17, 2024, 03:27h.

An public sale for the previous Diamond Inn Motel on the Las Vegas Strip’s southern finish didn’t discover a purchaser prepared to pony up the $12.5 million minimal asking value.

Diamond Inn Las Vegas auction
An aerial view of the shuttered Diamond Inn in Las Vegas. A current public sale for the motel with Strip frontage didn’t safe a minimal bid. (Picture: J.P. King Public sale Firm)

Alabama-based actual property public sale home J.P. King closed the bidding window for the shuttered motel final Thursday. Public sale officers informed the Las Vegas Evaluate-Journal that there was robust curiosity within the 48-room resort famed for its nostalgic pink elephant that’s stood in entrance of the property for many years.

We really feel the public sale recognized a number of severe and patrons throughout the globe and lots of are persevering with to do their due diligence,” a J.P. King spokesperson stated.

The Diamond Inn sits on 1.36 acres and has 237 toes of highway frontage on S. Las Vegas Blvd., aka the Strip. The motel, positioned at 4605 S. Las Vegas Blvd., is throughout from the Mandalay Bay Conference Heart and is close to Harry Reid Worldwide Airport and the “Welcome to Fabulous Las Vegas” signal. 

Diamond within the Tough

The motel is billed as a “redevelopment alternative” by the public sale firm. The property is zoned for business use and a construction standing as tall as 505 toes has been licensed. Meaning a tower with as much as 36 flooring may very well be constructed. 

The placement doesn’t get a lot foot visitors, however the property neighbors a 2.2-acre web site that was offered for almost $13 million in 2022 to Elon Musk’s Boring Firm for a future Vegas Loop station. The auctioneers say the Diamond Inn presents a grand alternative for a on line casino developer, because the motel’s 237 toes of Strip frontage is lengthier than the Paris, MGM Grand, and Venetian on line casino resorts.

The southern finish of the Strip has develop into alive lately due to the opening of the $1.9 billion Allegiant Stadium. The house of the NFL Las Vegas Raiders is a couple of half-mile stroll from the Diamond Inn.

The Diamond Inn is strolling distance to all main points of interest, making it a superb and uncommon funding alternative for a world-class resort in a first-rate location,” the public sale itemizing learn. “This web site isn’t nearly its illustrious historical past; it’s a improvement haven for visionaries. With Elon Musk’s progressive transportation initiatives materializing shut by, the placement is about to develop into much more of a nexus for luxurious and development.”

Motel Historical past

The Diamond Inn opened as a motel in 1955. The property house owners did little to the property over its many a long time of existence, although the motel did obtain a recent coat of paint in 2016.

The motel was a preferred vacation spot amongst price range vacationers in Southern Nevada. The Diamond Inn maintained a 3.2/5 score on Google. Nonetheless, newer critiques complained about mattress bugs, roaches, foul odors, and bogs in determined want of restore.

Not the worst resort in Las Vegas however rattling shut,” learn a evaluate posted in September.

The lodging institution closed in September 2023 after a 68-year run. The way forward for its pink elephant is unclear.

The precise origin of the elephant statute isn’t identified. The resort web site claims it was initially a part of Disney World, although there’s no proof to again up that assertion. The elephant as soon as made trumpet noises, however after a number of automobile accidents have been blamed on the startling noise, county officers ordered the resort to take away the sound mechanism.

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