News

Attempt to auction resort site unsuccessful

Arnold M. Knightly

May 27, 2009 - 11:41 am

An attempt earlier this month to auction the 22-acre Dragon City resort site on Spring Mountain Road to settle a default was unsuccessful, according to a recent filing with the Nevada bankruptcy court.

A group of investors led by local developer Andrew Lai filed Chapter 11 bankruptcy on the site in January when the owners defaulted on a land loan.

Community Bank of Nevada holds a $12.5 million bank note on a portion of the site and has been receiving rent from businesses on the site since March.

With the opening bid set at $27.5 million, no bids were received during a May 16 auction conducted by Chartwell Group Commercial Real Estate Brokers.

The latest filings in bankruptcy court do not indicate what will now happen to the land located on the northwest corner of Spring Mountain Road and Valley View Boulevard.

The 22-acre site was pieced together between November 2002 and June 2007 for $25.1 million, records from the Clark County assessor’s office show.

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