Carl Icahn bought Vegas Fontainebleau Hotel for $150M in 2010 when the market was terrible.
— John Andreini (@jandreini1) November 17, 2023
He proceeds to sell all the furniture, marble, and fixtures to get his basis down to $0.
He sits on it vacant then rips $450M profit 7 years later when the market heats back up. pic.twitter.com/KuOvUz3z0n
Why did I add this? - Interesting to see a Icahn deal and where land banking a hotel is better than operating the hotel
See more:
- Fontainebleau
Las Vegas#Prospective buyers and Icahn ownership: 2009 – 2015