The Real Deal Miami

Inside the Vegas Fontainebleau mess

July 09, 2009 01:25PM

Court documents show the bankrupt Fontainebleau Las Vegas may need another $1.5 billion to finish the project, leaving the hotel resort in staggering amounts of debt. That may make it impossible for developer Turnberry, led by Miami real estate scion Jeff Soffer, to keep control of the project. A senior banker said the project had been insolvent since March, before it filed for bankruptcy protection.