What a difference a mile and a half makes.
Lily Funds founder Tom McManus recently announced that he sold 2.2 acres of land along the south Strip for about $12.8 million. The price-per-acre, almost $6 million, would be the envy of any landowner outside the Strip in the Las Vegas Valley.
But it didn’t even come close to a similar-sized property up the street.
Developer Brett Torino and New York’s Flag Luxury Group acquired a 2-acre plot at the multi-tower CityCenter complex last year for around $80 million – which, at $40 million per acre, exceeded land deals on the Strip during the frenzied mid-2000s bubble.
