SOURCE: J. P. King Auction Company

J. P. King Auction Company

November 22, 2010 16:15 ET

Las Vegas Strip Development Being Offered at Real Estate Auction

LAS VEGAS, NV--(Marketwire - November 22, 2010) - A 1.36-acre property with 236 feet of frontage on Las Vegas Boulevard is available for sale through J. P. King Auction Company, the nation's leading real estate auction marketing firm. The property, which is located just north of the famous "Welcome to Fabulous Las Vegas" sign, is offered through a sealed-bid auction.

A prime location on Las Vegas Boulevard, the development site is the first hotel/casino seen from I-15, and it will be viewed by more than 45 million people per year from McCarran International Airport. Zoned H-1, the site has easy access from existing streets bordering all sides of the property.

The property, which sits at 4605 Las Vegas Boulevard South, occupies more road frontage than the nearby Paris, MGM Grand and Venetian and is located across from Mandalay Bay. It has been approved by the FFA for buildable heights of 406 feet to 505 feet.

"One of the great things about this site is that not only is it an excellent development site, but it is also already producing income," said Sam Aldabbagh, the property's owner.

The Diamond Inn Motel, which was constructed in 1940 and contains 48 rooms, currently sits on the property. The site -- which Aldabbagh purchased in 1978 -- is probably best known for the large pink elephant facing the strip.

"This development property is in an excellent location and presents an opportunity to establish a resort along one of the most visited destinations in the world," said Craig King, president and CEO of J. P. King Auction Company.

Sealed bids for the property must be submitted by 5 p.m. on Monday, December 13. For additional information, individuals may contact J. P. King at 800.558.5464 or visit the company's website at www.jpking.com.

J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums and land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Texas, Alaska, Tennessee, Oregon, Wisconsin, Alabama and Wyoming.

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    Caley King Newberry
    Cell: 256.295.3629