Posted on: March 20, 2024, 12:54. Last updated on: November 27, 2024, 13:10.
The iconic Diamond Inn Motel, a staple along the Las Vegas Strip for nearly seven decades, failed to find a buyer at a recent auction. The minimum asking price of $12.5 million wasn’t met, leaving the future of the shuttered motel uncertain.
Buyers Eye Diamond Inn Despite Failed Sale
Despite the lack of a final bid, the auction attracted interest. J.P. King, the Alabama-based real estate company that handled the auction, says they identified serious potential buyers. These interested parties are likely still going through due diligence, the process of evaluating the property’s condition and potential.
“We feel the auction identified several serious and interested buyers across the globe and many are continuing to do their due diligence,”
said J.P. King spokesperson.
The Diamond Inn Motel sits on a prime piece of Las Vegas real estate. Located at 4605 S. Las Vegas Blvd., the property boasts frontage on the Strip and sits across from the Mandalay Bay Convention Center. McCarran International Airport and the famous “Welcome to Fabulous Las Vegas” sign are also nearby.
A Diamond in the Rough?
While the location is undeniable, the motel itself needs some serious TLC. J.P. King positions the property as a “redevelopment opportunity.” The zoning allows for a high-rise structure of up to 36 floors, making way for a potential luxury hotel or condo complex.
One potential issue is the lack of foot traffic in the area. However, the future development plans might change that. The Diamond Inn neighbors a site acquired by Elon Musk’s Boring Company for a Vegas Loop station, a futuristic underground transportation system.
Prime Location for Casino Developers
The auctioneers believe the property presents a golden opportunity for casino developers, highlighting the extensive frontage on the Strip. This frontage surpasses that of major casino resorts like Paris Las Vegas, MGM Grand, and the Venetian.
The area’s appeal has been boosted by the recent opening of Allegiant Stadium, home to the NFL’s Las Vegas Raiders, just a half-mile walk from the Diamond Inn.
A Long and Colorful History of the Diamond Inn
The Diamond Inn opened its doors in 1955 as a budget-friendly motel. While it maintained a decent average rating on review sites for a while, more recent reviews paint a picture of a property in decline, with complaints about cleanliness and outdated facilities.
The fate of the pink elephant, a longtime mascot of the Diamond Inn, remains unknown. The origin of the elephant statue is shrouded in mystery, with the motel’s website claiming (without evidence) that it was once part of Disney World. The elephant’s animated trumpet sounds are a thing of the past after causing a few car accidents!
The Diamond Inn closed its doors in September 2023. Whether it will be revived as a new hospitality venture or transformed into something entirely different remains to be seen.
