Icahn Quadruples His Money in $600 Million Las Vegas Resort Deal
- Witkoff leads investor group that bought Fontainebleau site
- Icahn acquired the site out of bankruptcy for $148 million
Carl Icahn
Photographer: Scott Eells/BloombergThis article is for subscribers only.
A partnership led by New York developer Steven Witkoff bought the site of the stalled Fontainebleau resort for $600 million, more than seven years after billionaire Carl Icahn acquired the property out of bankruptcy.
Witkoff said he has been exploring the purchase for four months. The property at 2755 South Las Vegas Boulevard, sitting on roughly 27 acres (11 hectares) at the north end of the Strip, was about 70 percent complete when Icahn won court approval to take it over. His company, Icahn Enterprises LP, acquired the property for $148 million in February 2010.