Dragon City Las Vegas 22 Acre Site Scheduled For Real Estate Auction

Dragon City Las Vegas 22 acre site scheduled for real estate auction on May 16 at MGM Grand. Last January developer Andrew Lai filed Chapter 11 bankruptcy and defaulted on a Dragon City land loan.

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The Asian themed hotel casino near Chinatown is located on Spring Mountain Road.  The real estate auction will take place during the International Council of Shopping Center Convention at MGM Grand.

The site slated for Dragon City will offer 256,000 square feet of retail, 67,000 square feet of casino space and 2,200 hotel rooms along with retail, meeting space and restaurants.

Lai co-owns a neighboring 6.6 acres of land that is listed for sale at $29 million.  The plan for this parcel is a 386 room Crowne Plaza hotel casino and partnership with InterContinental Hotels Group.

Approval by the Nevada bankruptcy court is necessary on the land loan before the auction on nine of the 22 acres.

The $12.5 million bank loan held by the Community Bank of Nevada will direct the rents from the businesses on the nine acres to the bank after the March 9 agreement.

The auctioneer will be Auction One Las Vegas in conjunction with Chartwell Group Commercial Real Estate Brokers for the $27.5 million opening bid of Dragon City resort site.

Call 702-505-6988 for VIP luxury real estate search with a Real estate agent. Real Estate Agent

Dragon City Las Vegas 22 acre site scheduled for real estate auction May 16, 2009.

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