W Las Vegas Condos By Edge Group Sold To Billionaire For $625 Million

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W Las Vegas real estate sold to Africa Israel Investments, an Israeli company by billionaire Lev Leviev. He and his partners have agreed to purchase 60 acres of land for $625 million of the failed W Las Vegas condos and Las Ramblas projects.

The plan is to build several luxury hotels, commercial real estate, and a casino within the next five years reported by Israeli media and Bloomberg News.

The group purchased the property near the Hard Rock Hotel with an expected sale completion by August 2007.

The Edge Group of the W Las Vegas owned 50 acres of the land for the planned luxury condominium project. Part of this was the 25 acres that actor George Clooney was going to use for Las Vegas before the Edge Group bought the land las year.

D.R. Horton planned to build a Las Vegas high rise on the other 10 acres.

The Edge Group paid $310 million for the real estate in Las Vegas, Nevada for the W Residences.

The reported partners in the purchase include Credit Suisse Group, the Cipriani family, New York real estate investor Steven Witkoff. Africa Israel will retain a 49 percent share in the mixed use development.

One of the Las Vegas hotels will hold the Cipriani name.

The land between the Strip and Paradise Road is gaining the eyes of developers for entertainment and living. The Westgate Resorts at Planet Hollywood is the beginning of this expansion.

Active buyers of Las Vegas real estate have been from Israeli property companies. Israeli tycoons Yitzhak Tshuva and Nochi Dankner expect to develop a luxury Las Vegas casino and hotel at the New Frontier land. Source: IBLV

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W Las Vegas condos by Edge Group sold to billionaire for $625 million.

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