November 11, 2015 / 7:14 PM / 2 years ago

Icahn hires property broker CBRE to sell Fontainebleau Las Vegas

(Reuters) - CBRE Group Inc (CBG.N) said it has been hired by billionaire investor Carl Icahn to sell Fontainebleau Resort Las Vegas, five years after taking control of the property.

Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid

The Wall Street Journal reported the sale earlier on Wednesday and pegged the deal value at about $650 million. (on.wsj.com/1ROu8ru)

Icahn, one of the industry’s most closely watched activist investors, took ownership of the property in February 2010 after paying its bankrupt owner about $104.6 million in cash.

Fontainebleau, which was planned as a $3 billion project, filed for bankruptcy protection in June 2009 after lenders cut off access to nearly $800 million of construction funds.

Located on the north end of the Las Vegas Strip, Fontainebleau was meant to include a 63-story glass skyscraper and feature a casino, a convention center, restaurants and bars, and more than 3,800 guest rooms.

Reporting by Arunima Banerjee in Bengaluru; Editing by Kirti Pandey and Anil D'Silva

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