An auction bridge for the former Diamond Inn Motel on the Las Vegas Strip’s southern death failed to chance a emptor willing to pony up the $12.5 zillion minimum asking price.
Alabama-based existent demesne auction bridge put up J.P. Martin Luther King Jr. unsympathetic the summons window for the shuttered motel finally Thursday. Auction officials told the Las Vegas Review-Journal that on that point was warm interestingness inwards the 48-room hotel famed for its nostalgic pinkish elephant that’s stood in front end of the attribute for decades.
We feel the auction off identified several serious and interested buyers crossways the globe and many are continuing to fare their due diligence,” a J.P. Riley B King representative said.
The Diamond Inn sits on 1.36 acres and has 237 feet of route frontage on S. Las Vegas Blvd., aka the Strip. The motel, located at 4605 S. Las Vegas Blvd., is crossways from the Mandalay Bay Convention Center and is near Harry Reid International Airport and the “Welcome to Fabulous Las Vegas” sign.
Diamond inwards the Rough
The motel is billed as a “redevelopment opportunity” past the vendue company. The property is zoned for commercial utilise and a structure standing as tall as 505 feet has been authorized. That means a tower with upwards to 36 floors could follow built.
The location doesn’t get practically human foot traffic, but the prop neighbors a 2.2-acre site that was sold for nearly $13 meg inward 2022 to Elon Musk’s Boring Company for a future Vegas Loop station. The auctioneers say the Diamond Inn presents a grand chance for a casino developer, as the motel’s 237 feet of Strip frontage is lengthier than the Paris, MGM Grand, and Venetian gambling casino resorts.
The southern destruction of the Strip has become live inwards recent years because of the chess opening of the $1.9 1000000000 Allegiant Stadium. The rest home of the NFL Las Vegas Raiders is about a half-mile walk from the Diamond Inn.
The Diamond Inn is walking length to all major attractions, making it an fantabulous and uncommon investment funds opportunity for a world-class resort inwards a prime location,” the vendue itemization read. “This site isn’t just now about its illustrious history; it’s a development haven for visionaries. With Elon Musk’s innovational transfer projects materializing tightlipped by, the location is place to become even out more of a nexus for luxury and advancement.”
Motel History
The Diamond Inn opened as a motel in 1955. The dimension owners did small to the prop over its many decades of existence, though the motel did incur a sweet surface of pigment in 2016.
The motel was a popular destination among budget travelers inwards Southern Nevada. The Diamond Inn maintained a 3.2/5 rating on Google. However, to a greater extent recent reviews complained well-nigh bed bugs, roaches, maculate odors, and bathrooms inward desperate need of repair.
Not the rack up hotel in Las Vegas but tinker's dam close,” record a brushup posted inwards September.
The lodging validation closed inwards Sept 2023 after a 68-year run. The future tense of its pinkish elephant is unclear.
The exact origin of the elephant statute isn’t known. The hotel website claims it was originally voice of Walter Elias Disney World, though there’s no evidence to indorse upward that assertion. The elephant at one time made trumpet noises, but after several vehicle accidents were blamed on the startling noise, county officials ordered the hotel to take the go mechanism.