Primm, NV Prizm Outlets aka Fashion Outlets mall at stateline sold at auction

The Prizm Outlets mall, about a 40-minute drive south of Las Vegas on the California border, lost 95% of its value in six months. It may not be the last mall to do so.

Formerly known as the Fashion Outlets of Las Vegas, the Primm, Nevada mall was auctioned off on Wednesday at a final price of $1.525 million, compared with a $28.2 million appraisal in July, according to a person with knowledge of the results on commercial real estate auction site Ten-X. The buyer wasn’t disclosed.

https://www.bloomberg.com/news/artic...-the-beginning

Shit, had I known that would happen, I would have bought it.

Hopefully this is an outlier and not a reflection of where real estate prices are headed.

The best story about those Primm Outlet Stores has to be Ernie Scherer, the poker player that murdered his parents in their country club house in Northern California. He planned it by knocking them out with a baseball bat, wearing gloves and oversize shoes to avoid leaving behind finger prints and other evidence. Scherer's alibi was that he was driving home from Vegas to Orange County the night of the murders. He even turned off his cell phone, claiming it was off during his drive home.

The cops had some circumstantial evidence to charge him but were not fully confident about their case. Then they noticed a Nike warranty label from a baseball bat at the crime scene. They also found from his credit card statements that he was at Primm the day prior to the murders, using the Chevron Station and stopping at the McDonalds. So the cops went back to Primm and discovered the Nike Outlet store, which had records of his purchase of the bat, gloves and oversized shoes.

LOL no one said that criminals are smart.

Starting at the 35:25 mark.

https://youtu.be/Bqj6xXrcZZs?t=2121

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Originally Posted by Dan Druff

Shit, had I know that would happen, I would have bought it.

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I’d have happily gone partners with you on that one. That’s a massive amount is square footage (371,000). You’d have to be prepared to operate it a loss for several years, but in the long run there’s some value there.

Quote:

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Originally Posted by Dan Druff

Shit, had I known that would happen, I would have bought it.

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If I had the cash, I agree. Would be a lot of work, but still a good project.

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shoeshine box: may weather scooping up properties, bought the ice rink on Boulder Hwy.

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Any more info on this? Interesting.

PFA could start pooling money together and buying properties at rock bottom prices and selling them like Carl Icahn