Land that sold for $30 million fetches $4.4 million after foreclosure

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A 23.53-acre property at the Las Vegas Beltway and Hacienda Avenue that sold for $30.2 million in 2007 and was later foreclosed upon has been sold for $4.4 million.

Lightstone Acquisitions, part of the Lightstone Group, a New York-based real estate investment company, acquired the property from City National Bank. It plans to hold the property as an investment, said Michael Stuart, a broker with Colliers International Las Vegas, who represented City National along with Scott Heaton.

Icon Real Estate Services of Las Vegas sold the property for $30.2 million to Newport Beach developer Dominic Magliarditi, who planned a mixed-use development when he bought it in November 2007, Stuart said.

The property is next to the Tropicana Beltway Center, a 600,000-square-foot regional shopping center.

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