Did prime Strip land near Mandalay Bay sell at auction?
The Diamond Inn Motel’s property and its pink elephant are still up for grabs after the property didn’t sell at auction.
The auction for the 1.36 acres of land on the south side of the Strip opened March 7 and closed at noon on Thursday but failed to get a bid that matched the $12.5 million starting price, a J.P. King Auction Company spokesperson said.
The J.P. King spokesperson said the auction was productive though it didn’t produce a winning bid.
“We do feel the auction has identified several serious and interested buyers across the globe, and many are continuing to do their due diligence,” the spokesperson said in an emailed statement.
The property will be listed for $25 million, the spokesperson said.
This listing price is higher than a neighboring 2.2-acre property, which sits directly to the south of the motel, that sold for $12.8 million in 2022. That land is a proposed expansion site of the Boring Company’s Vegas loop.
The shuttered Diamond Inn Motel property, which sits across the street from Mandalay Bay, is described as a redevelopment project as it has 237 feet of frontage on Las Vegas Boulevard and is zoned for hotel and casino use. This site could accommodate high-rise condos or an entertainment venue because it has approved building heights of 406 to 505 feet tall, according to the auction listing.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.
