Unfinished Fontainebleau sells for $600 million - FOX5 Vegas - KVVU

Unfinished Fontainebleau sells for $600 million

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The Fontainebleau on the Las Vegas Strip, seen under construction in this undated photo. (FOX5) The Fontainebleau on the Las Vegas Strip, seen under construction in this undated photo. (FOX5)
LAS VEGAS (FOX5/AP) -

The never finished Fontainebleau property on the Las Vegas Strip has sold for $600 million. 

Icahn Enterprises L.P. announced on Tuesday that it completed the sale of the property to an affiliate of The Witkoff Group LLC and New Valley LLC for "aggregate consideration" of $600 million. 

"That's a substantial commitment they're making, and its not turnkey by any stretch of the imagination. There's a lot of work left to be done on that property to get it ready to go. Don't know what the total cost is, but I've heard its from $1 billion to $2 billion," Clark County Commissioner Steve Sisolak said. 

Icahn Enterprises purchased the property for $148 million out of bankruptcy in February 2010. The company later listed the property for $650 million. 

Construction of the $2.9 billion, 3,900-room property stopped in 2009. Privately held Fontainebleau Resorts LLC began work in February 2007. 

"Youve got a lot going on there; the SLS just changed hands and will be rebranded, Resorts World has their construction cranes installed as we speak ... It's an exciting time for the north end of the Strip," Sisolak said.

County lawmakers ordered part of the 730-foot tower covered up to mask gaps in the facade

Stay with FOX5 and FOX5Vegas.com for developments. 

The Associated Press contributed to this report. 

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