The Diamond Inn Motel, located in the Las Vegas Strip, is set to go up for auction in March. There is an auction listing for the 1.36-acre site that houses the 48-room facility on J.P. King Auction Company’s website.
A spokesperson for J.P. King said bidding for the site should start on March 7 and close on March 14, as reported by Las Vegas Review-Journal.
The auction listing indicates any sale would include the existing structures on the site, including the Diamond Inn’s pink elephant, although the listing emphasizes the property is prime for redevelopment because of its location on the Strip across from Mandalay Bay.
The listing also indicates the property could be suited for high-rise luxury condos or an entertainment venue since it can have building heights ranging from 406 to 505 feet tall, as per Review-Journal.
Diamond Inn Motel
The starting bid price for the property hasn’t been determined but there will be a $50,000 registration fee for any interested bidders, a spokesperson for J.P. King said.
“The Diamond Inn offers the best of both worlds: past allure and future prosperity,” said the J.P. King auction listing. “The robust growth of the region signals a booming future, and the property’s prime location on the Las Vegas Strip guarantees visibility and access to an ever-increasing flow of visitors and residents alike.”
Redevelopment seems likely for the Diamond Inn Motel, which closed in September after multiple code violations, and the existing structures at the property were in overall decline, according to reports from the Clark County Building Department.
“This amazing property is brimming with unparalleled possibilities,” said Trey Perman, President and CEO of J. P. King, in an emailed statement to Review-Journal. “We are excited to be offering not just a prime address but a canvas of endless opportunities.”
Recent property sales near the Diamond Inn Motel show the land could be worth millions as a 2.2-acre site directly to the south of the Diamond Inn was sold in June 2022 for $12.8 million. That land is planned to be a station for the Boring Company’s expansion of its Vegas Loop, which is another positive aspect that J.P. King highlighted in its auction listing.
“With Elon Musk’s innovative transportation projects materializing close by, the location is set to become even more of a nexus for luxury and advancement,” the listing said.
Original article: https://www.yogonet.com/international/noticias/2024/01/04/70269-las-vegas-strip-motel-across-from-mandalay-bay-to-go-up-for-auction-in-march
