In High-Stakes Bid for Vegas Hotel, Icahn Comes Out on Top

Does anyone want to buy a bankrupt Las Vegas casino? Well, in the case of the Fontainebleau Las Vegas, the answer was an enthusiastic yes, as at least three real estate investors bidded on the property. Billionaire financier Carl Icahn cleared the table with a $156 million offer, leaving San Francisco-based real estate investor Luke Brugnara in the dust. With backing from a hedge fund, Brugnara actually bid higher, offering $170 million, but the examiner for the bankruptcy court ruled that he didn't get the paperwork filed in time.