Christopher Milam Makes Second Bid For Real Estate On Las Vegas Strip

Crown Las VegasChristopher Milam makes second bid for real estate on Las Vegas Strip.  The Texas real estate developer is making a second attempt to purchase the land on the old Wet n Wild site for $618 million, or $22.9 million per acre located next to Sahara hotel.  This news was distributed from a filing with the Securities and Exchange Commission.

Milam made a previous commercial purchase agreement to purchase the land for $17.7 million per acre, or $475 million to build a 1,064 foot luxury hotel tower, expired six months ago.  The project was named Crown Las Vegas situated on 27 acres of real estate and partnered with York Management and Crown Ltd.

The filing was fairly vague not noting the co investors or building plans for the site.  Between June 06 and June 08 nonrefundable deposits and holding fees totaling $67.1 million were paid to Archon.

Milam learned from his previous commercial real estate deal.  The current deal will provide cash to the land owner and protect Milam if the deal does not close.

The new deal will require a deposit by March 31 of $1,000 and purchase $60 million in stock.  If the agreement will close by 3/31/10 then the stock will be repurchased by Archon or retained by Milam if the deal falls through.

Fontainebleau Las Vegas has been using the 27 acres as a construction staging area.  Archon has been renting the land for $400,000 per month.

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Christopher Milam makes second bid for real estate on Las Vegas Strip.

One Response to “Christopher Milam Makes Second Bid For Real Estate On Las Vegas Strip”

  1. Archonomics: Poultry in motion | Stiffs and Georges Says:

    […] According to one of the more conservative estimates, chicken by the pound was trending toward $0.84 cents last month. Since the average chicken weighs as much as seven pounds, that’d make one bird worth $5.88. Which means that if Texas-based developer Christopher Milam was willing to pay an above-market price for the Wet ‘n Wild site, he needn’t have offered the Lowdens $618 million but just backed up a fleet of trucks holding 102 million chickens, plus several dozen eggs. Milam’s $22.9/acre offer translates to a poultry-adjusted 3.89 million $PSL (Paul & Sue Lowden). […]