As the news of the foreclosure notice given to the Cosmopolitan Las Vegas filtered to all its buyers, surprisingly enough most took the news very much in stride. Realizing that their monies were safe in an escrow account, the general consensus amongst my clients was that the end product would be one of, if not the best on the strip of any Las Vegas hotel-condos and that the big loser would be Bruce Eichner who would surely lose the controlling interest in his amazing vision.
Some good news is that Perini, the GC on the project is continuing on & work will not stop.
Who will take over the project? Rumors are flying. My guess would be the most simple answer. I will leave that to your imagination. I expect an announcement to be imminent given that Perini is moving forward. The location & the vision is just too good to pass up. Stay tuned for more info on the saga of the Cosmopolitan Las Vegas Resort & Casino.
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June,
Do you have any insight regarding the return of buyer deposits if the project is ultimately foreclosed on? I know that the deposits have been escrowed. I saw a brief mention in one article that Nevada law protects the buyer deposits in the event of foreclosure. Any insight you could provide would be appreciated.
Thanks.
June,
Thank you for your response. If and when you do hear from the COSMO attorney, any information you can post would be greatly appreciated.
Thank you.
Matthew
A while back I sent a letter to the person in charge of the Cosmopolitan Las Vegas escrows, stating that I wasn't happy with the direction the hotel was heading, and that if it were to be bought by either MGM or another Casino operator that I wouldn't be interested in the property any longer (I liked the fact that Hyatt was going to run the hotel separately from the Casino (3700 Associates was going to run the Casino).
Anyhow, the response I got back said that in no uncertain terms was I going to be allowed out of the contract, and that the final owner of the hotel/casino had no impact on me being required to close escrow when the project was finished. This was before the actual official Foreclosure, but from the sounds of it, that has no impact.
If anyone knows anything different, I'd love to hear it. I definitely want out of my contract. My only alternative will be to walk away from the unit at the point of escrow closing. (I want to buy the condo, don't get me wrong, it's a killer location, it's just not worth the price I was sold the unit for, if they'd drop the price, I'd close escrow.)
Mike
They are going to allow us to assign the contracts (if we can find new buyers) and they are looking for a lender that will close the deals with us. We will get a letter in the mail next week with some information. I would like for them to reduce the prices to better reflect the current market, but I doubt that will happen. Also I read on a blog today that Trump is returning 400+ deposits to buyers that could not close sale on their units, wonder if that is true?
Has anyone hired a lawyer to try to get thier deposit back?
Rick,
I am a Cosmo Owner and I recently submitted a request to cancel my contract and have my deposit returned. I haven't heard back from the Cosmo yet, but if they do not return my deposit I will be hiring a lawyer. If you or anyone else who owns there would like to email me so that we can keep in touch, please feel free to do so. inverted-world@hotmail.com. When I hear back from the Cosmo, I will post their response.
My sources tell me deposits will not be returned. It seems 3700 LLC is out of the picture these days. Everyone should have received a letter stating the name of the new entity running the project.
The new entity may be your best source for a response.
i am a commercial tenenat with over $200k in security dep deutsche bank says eichner stole the money!! eichner will face my lawsuit and he belongs in jail next to madoff!!
tenant
TENANT: OMG. That is the first I have heard of any such news. Were your funds not placed into an escrow account?
Anyone have any luck in getting their deposits back. They have had over $100K of mine for 4 years now. I am not interested in owning a Hilton,
I too cosmo owner, and i want my hard earn deposit money back. This Cosmo project have to much issue.
i had join the class acction law sue with this group below.
Sunbelt Group
8635 W. Sahara ave #596
Las vegas, NV 89117
www.cosmopolitanownerslv.com
http://www.directransfer.net/?directlink/1234936458/2009_02_11_(filed)_Class_Action_Complaint.pdf
Kay's Fax number : 702-446-0300.
Kay Phone 702-610-8756
Sonny Phone 703-795-9887 or 571-232-9652
OR you can find your own way to get your deposit back. Either way, good luck to all of you.
Tom.
So, any new news on the Cosmo lawsuit? The www.cosmopolitanownerslv.com website doesn't have much activity anymore.