Wet N Wild Las Vegas real estate site moved closer to its fate today. Archon Corporation, owner of the site, south of the Sahara Hotel & Casino Las Vegas, announced it had contracted an option agreement to sell 27 acres of Las Vegas Strip real estate to Christopher Milam. A real estate developer from Austin, Texas, Milam will pay $450 million (or $16.98 million an acre) for the closed remnants of the Wet n Wild Las Vegas amusment park, which closed in September 2004.
$16.98 million an acre for Las Vegas commercial land represents a new high for North Strip real estate. Nearby acreage cobbled together by Concord Wilshire for a Maxim Magazine Las Vegas branded casino averaged $9.6 million an acre and the former site of the Westward Ho was recently revalued at $12 million per acre.