A sizable piece of land on the Las Vegas Strip, once the planned home for the Skyvue Las Vegas Super Wheel, is hitting the bankruptcy auction block, WSJ Pro Bankruptcy reported. The Sin City site has 750 feet of direct frontage on Las Vegas Boulevard directly across from Mandalay Bay Resort and Casino, and is within walking distance from the new $2 billion Las Vegas Raiders’ Allegiant Stadium. The 65,000-seat football stadium for the National Football League team is under construction and set to open in the summer. “Everything is built up right there,” said <b>Matthew Bordwin</b>, principal and managing director at Keen-Summit Capital Partners LLC, a real-estate brokerage and investment banking firm, which is working with Colliers International Group Inc. as the exclusive real-estate agents for the property. The proprietors of the parcels are three related real-estate development businesses, Desert Land LLC, Desert Oasis Apartments LLC and Desert Oasis Investments LLC. Together, the three parcels are encumbered by more than $265 million in secured claims from various lenders. The 38.56-acre property with the world-famous address failed to sell when it was up for sale in 2018. But the six separate lots are now being sold as part of a bankruptcy auction after its owners filed for chapter 11 protection in April 2018 in the U.S. Bankruptcy Court in Las Vegas. The properties had previously been in bankruptcy in 2002.
