The former Fontainebleau has a new owner: its old developer.
According to a press release on Thursday, the real estate wing of the Kansas conglomerate Koch Industries has jointly acquired the unfinished property Drew Las Vegas on the North Strip with Florida developer Jeffrey Soffer.
Conditions were not disclosed.
“We firmly believe in the Las Vegas market and see the property as a great opportunity to contribute to the long-term success and positive development of this dynamic and innovative region,” said Jake Francis, President of Koch Real Estate Investments, in the press release. “We are very happy about the partnership and the cooperation in the further development of the project.”
Soffer, owner of Fontainebleau Development, was part of the group that originally built the 60-story tower in the mid-2000s real estate bubble. However, the project went bankrupt in 2009 after the economy collapsed.
Billionaire Carl Icahn bought the mothballed resort in 2010 for around $ 150 million and, after leaving it largely untouched, sold it in 2017 to developer Steve Witkoff for $ 600 million in 2017.
Witkoff later renamed it Drew.
This is a developing story. Check for updates again.
Contact Eli Segall at [email protected] or 702-383-0342. Follow @eli_segall on Twitter.