Very little land goes up for sale on the Las Vegas Strip. Generally, people buy Strip properties in backroom deals before the general public has any idea that a plot of land might be available.
That's because the vast majority of land on the 4.2-mile stretch of road is concentrated with just a few owners. Vici Properties (VICI) -) owns about 660 acres including properties housing many MGM Resorts International and Caesars Entertainment properties.
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The secretive owner has generally been in the market to acquire more land and hasn't publicly tried to sell any. Strip property comes up for sale so rarely that even when billionaire Golden Nugget/Houston Rockets owner Tilman Fertitta put together his Las Vegas Strip parcel, he did so quietly only going public once the deal finished.
In recent years, small players have been mostly squeezed out on the Strip. In a land of giants, smaller properties like Casino Royale, which is slated to be replaced by a massive resort casino tower, and the kitschy Hawaiian Marketplace, which was demolished in 2023, simply no longer belong.
Now, a long-shuttered piece of Las Vegas history located across from Mandalay Bay will hit the auction block. That means that anyone with enough money and a dream can put in their bid to own and redevelop an iconic Las Vegas Strip property.
Image source: Pixabay
A piece of Las Vegas history meets a sad end
The Diamond Inn Motel, known for its large pink elephant, closed earlier this year due to multiple code violations. It was a sad end for a property that had a very long history and was one of the few pieces on the Strip left from a bygone era.
"Built in 1940 the Diamond Inn Motel (then it was called the Desert Isle Motel), is one of the oldest buildings still standing on the strip, which several decades ago the strip was called Arrowhead Highway/Highway 91," the motel shared on its still-operating website.
It became a model for the Strip at the time as it was joined by dozens of other properties in the 40s and 50s.
"The Diamond Inn is still standing proud and operating with a profit after all these years, along with its colorful history (especially the landmark, iconic Pink Elephant)," the company shared.
Those profits were not put into maintaining the property, and it fell into decline even as it kept operating through 2023. It had fallen far from its former glory, but it still had its signature feature, its pink elephant.
"The pink elephant came from Disney World, probably in the 50s," the motel shared on its website. "...The pink elephant is like the Diamond Inn’s mascot; thousands of tourists have stopped just to take pictures next to it, just like they do in front of the famous Welcome to Las Vegas sign."
You can own the Diamond Inn Motel
Now, the Diamond Inn will be auctioned off online on March 14. No minimum price has been set but bidders must put down a $50,000 registration fee.
"Seize the rare opportunity to own a part of the world-renowned Las Vegas Strip with the Diamond Inn Motel, a property steeped in history and potential. Spanning 1.36 +/- acres with a generous road frontage of 237 +/- feet, this iconic site stands just north of the vibrant 'Welcome to Fabulous Las Vegas' sign, visible to over 45 million annual visitors from McCarran International Airport and I-15," J.P. King shared in an online listing for the property.
The new owner would almost certainly knock down the Diamond Inn because, despite its history, it makes no sense to operate a 48-room motel on the property. Instead, something much larger is likely.
"Zoned H-1 for hotel/casino use, with approved buildable heights reaching skyward between 406 to 505 feet, the estate promises a future as dazzling as its past. It boasts more road frontage than the nearby Paris, MGM Grand, and Venetian, and sits directly opposite Mandalay Bay, Luxor, and Excalibur, placing it at the heart of Las Vegas’ ceaseless energy," J.P. King shared.
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