$310,000 : 15 VIA MANTOVA, Unit 209, Henderson3 beds, 2 full baths
$329,000 : 45 AVENZA Drive, Henderson4 beds, 3 full baths
$305,000 : 8 VIA VASARI, Unit 204, Henderson3 beds, 1 full, 2 three-quarter, 1 half baths
$239,000 : 30 VIA VASARI, Unit 102, Henderson3 beds, 2 full, 1 half baths
$425,000 : 38 STRADA PRINCIPALE, Henderson2 beds, 3 full, 1 half baths
See all Lake Las Vegas.
(all data current as of 4/28/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Lake Las Vegas is a 3,600 acre master-planned community set around a 320 acre man-made lake. The development is located 20 miles from the Strip and of 9,000 planned homes, 1,700 units are currently built. If you are considering purchasing Lake Las Vegas real estate, then it is important to look behind the headlines of crisis and bankruptcy, and make an informed decision.
The development has always been heavily dependant on second home owners, and the luxury of a second home has been one of the first things to go during the recession. This, along with the fact that the development has always been high-end, has seen it being particularly hard hit.
The history of Lake Las Vegas is one of turmoil that continues to this day. Back in 1966 J. Carlton Adair bought the land, but went bankrupt in 1972. He was followed the Pacific Malibu Corporation, who failed to get things going and sold the land to Transcontinental Corporation. It was Transcontinental owner Ron Boedekker whose imagination is credited with the Lake Como-themed concept, and it really is like nothing else in Las Vegas. It is on a far larger scale than the Venetian or Caesars, and more tasteful. When you are looking out over the lake it is easy to forget the legal and financial wrangling going on behind the scenes.
Before we discuss the current situation it is worth highlighting some of the key points in Lake Las Vegas’s development:
2,243 acres of land was acquired by the actor J. Carlton Adair. In addition to the land he acquired water rights for a lake.
The Lake Adair Corporation filed for bankruptcy, and auction the land in parcels.
Pacific Malibu Corporation, a company out of Pasadena, acquired the land.
Transcontinental Corporation, a company out of Santa Monica, acquires the land from Pacific Malibu Corporation.
The land parcel formally becomes known as Lake Las Vegas and a resort with six hotels, five golf courses, and 3,000 homes is proposed. At the time the estimated cost of the development is $3.8bn.
The first residential lots are sold.
The first nine holes of SouthShore golf club are opened.
The back nine holes of SouthShore golf club are opened.
The first of the hotels, the 493-room Hyatt Regency Lake Las Vegas, opens.
Celine Dion builds a home at Lake Las Vegas.
- The second hotel, the Ritz-Carlton Lake Las Vegas opened;
- Montellago Village Resort opened;
- Casino Montelago opened by an Alaskan Indian tribe. Cook Inlet Region Inc. was the landlord, and CIRI Lakeside Gaming Investors LLC was the operator. Cook Inlet Region Inc. owned stakes in the Ritz-Carlton Lake Las Vegas, Hyatt Regency Lake Las Vegas and CIRI Lakeside Gaming Investors LLC.
A concert featuring Andrea Bocello was held, and broadcast nationwide.
- Lowes Corporation acquires the Hyatt Regency Lake Las Vegas and it is renamed Lowes Lake Las Vegas;
- Cook Inlet Region Inc. sold its stakes in the Ritz-Carlton Lake Las Vegas, Hyatt Regency Lake Las Vegas and CIRI Lakeside Gaming Investors LLC.
Nevada casino regulators hold an emergency hearing to keep Casino Montelago open. Cook Inlet Region Inc. sold CIRI Lakeside Gaming Investors LLC to a group of private investors, including Johan Finley, in September 2007.
- January: Transcontinental Corporation defaults on $540 million in loans and Lake Las Vegas is acquired by the Atalon Group;
- April: Village Hotel Investors LLC, owners of the Ritz-Carlton Lake Las Vegas file for Chapter 11 bankruptcy as it was unable to service its $103 million mortgage;
- July: The Atalon Group subsidiary, LLV Holdco LLC, files for Chapter 11 bankruptcy protection with $700 million in liabilities.
- January: the Falls golf course shuts down;
- February: Deutsche Bank, via its Village Hospitality LLC entity, acquires Ritz-Carlton Lake Las Vegas;
- June: Reflection Bay golf course shuts down;
- June: Wells Fargo takes ownership of Lowes Lake Las Vegas.
- March: Casino MonteLago closed
- May: The 249 room Ritz Carlton, Lake Las Vegas, closed after 8 years of operation
- July: Lake Las Vegas emerged from bankruptcy. All existing debt was wiped away and the development had $30 million in hand to complete several of the unfinished infrastructure projects.
Post bankruptcy wranglings: The Lake Las Vegas bankruptcy creditors filed a lawsuit against the former insiders. (Bass Brothers, TransContinental, etc.) The creditors’ theory is that the $500 million equity loan the former insiders took against the property caused the demise of Lake Las Vegas. The creditors are hoping to recoup money from the former insiders. This is the creditors, not the Lake Las Vegas development filing suit.
- February: The golf course was purchased by Nevada South Shore LLC, a Hawaii based corporation for $4.5 million
- February: Dolce Hotels re-opened the former Ritz Carlton. The property was renamed Ravella at Lake Las Vegas
- May: A renovated Casino MonteLago opened