47 Million – Holy Cow!

Ivana Trump could not do it. Perhaps Steven Johnson can. Who is Steven Johnson, you may ask? He's an Arizona businessman who just paid $ 47 million dollars for the former Holy Cow Casino Cafe and Brewery site, on which Ivana once had plans of developing a Las Vegas high rise condo hotel tower. Now here's the kicker: after spending all that money, he's not sure what he's going to do with it!

"I have not finalized my plans yet," Johnson said by phone. "I thought it was a good piece of property. At the moment there's really not much to say."

Johnson's been buying and selling plots in Las Vegas for over 20 years now, many of which were sites later turned into Walgreens drug stores. But that's the difference between Steven Johnson and me - I have a plan when I spend 47 DOLLARS! When the Elad Group bought the Frontier from Phil Ruffin for $ 35 million per acre a few months ago, that was considered the high-water mark for real estate on the Strip. But Johnson's purchase "Trumps" that at more than $ 50 million!

Steven Johnson's obviously was a tremendous success in business. My guess is we'll soon be hearing plans for another high rise condo hotel in Las Vegas - and this time, it just may be built on that Holy Cow ground. And it just makes sense - the Allure Condo project has been a tremendous sales success so far, and that property neighbors the Holy Cow site. The entire Las Vegas Boulevard and Sahara intersection is just crying for high rise development.

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Source by Ron Costa