Hotels for sale in Miami, Miami Beach real estate

Bids Start for the Bankrupt Fontainebleau Las Vegas

The legal team for the Fontainebleau Las Vegas is negotiating to auction it off with a starting bid that would amount to only pennies on the dollar for the unfinished and bankrupt casino hotel.

Scott Baena, the Miami bankruptcy lawyer representing the Vegas Fontainebleau says that casino owner Penn National Gaming has offered to pay less than $300 million for the Fontainebleau Vegas, a project that has already spent about $2 billion.

Baena said in a court hearing Monday that Penn would bid less than $300 million for the property but he did not say how much less.

The market value of the construction site was appraised at less than $400 million.

Penn bid for the Vegas Fontainebleau would offer a set a minimum price for the 3,889-room hotels for sale.

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