The Diamond Inn Motel, which is one of the oldest buildings still standing on the Las Vegas Strip and is famous for the quirky pink elephant statue in front of the property, failed to elicit a buyer in a land auction that ended March 14.
Alabama-based auction house J.P. King closed the bidding window after failing to garner its minimum selling price of $12.5 million, despite previously indicating to the Las Vegas Review-Journal that there were several suitors vying for the 1.36-acre plot.
A spokesman for the auction house told the newspaper afterward that the process “identified several serious and interested buyers across the globe,” but ultimately, “many are continuing to do their due diligence.”
The 48-room motel, which first opened in 1955, is in close proximity to the Mandalay Bay Convention Center, Harry Reid International Airport, Allegiant Stadium, and the famous “Welcome to Las Vegas” sign. It is also next to a two-acre plot purchased by Elon Musk’s Boring Company in 2022 that is slated to become a station for the Vegas Loop transportation system.
In terms of zoning, the land is approved for a commercial structure up to 505 feet tall, which equates to about 35 floors. The property’s 237 feet of frontage along Las Vegas Boulevard is actually greater than that of the MGM Grand and the Venetian.
These factors were expected to make the plot attractive to casino or retail developers looking to make inroads into an increasingly attractive and competitive market, but ultimately no one stepped forward to take the gamble.
As with most Vegas landmarks, the exact origin of the famous pink elephant is unknown, and rumors abound. The most famous story is that it was rejected from the original construction of Disney World in Florida, but that has never been confirmed.
In years past, the elephant was said to make periodic trumpet noises, but after it allegedly caused several car crashes due to startling drivers, the county ordered the voice mechanism to be removed.
