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9 June 2011
3:48 p.m.
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A 23.53-acre property at the Las Vegas Beltway and Hacienda Avenue that sold for $30.2 million in 2007 and was later foreclosed upon has been sold for $4.4 million.
Lightstone Acquisitions, part of the Lightstone Group, a New York-based real estate investment company, acquired the property from City National Bank. It plans to hold the property as an investment, said Michael Stuart, a broker with Colliers International Las Vegas, who represented City National along with Scott Heaton.
Icon Real Estate Services of Las Vegas sold the property for $30.2 million to Newport Beach developer Dominic Magliarditi, who planned a mixed-use development when he bought it in November 2007, Stuart said.
The property is next to the Tropicana Beltway Center, a 600,000-square-foot regional shopping center.
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To tell the truth, this is probably all it was worth to begin with, this is what happens when you let land developers and banks and especially real estate agencies do their own thing without any oversight, INFLATION!!!!!!!