October 25, 2016
Bonanza Gift Shop, the self-proclaimed “world’s largest,” has traded hands for $50 million. Haim Gabay, the store’s operator, acquired the two-acre property at Las Vegas Boulevard and Sahara Avenue for $50 million. The seller was a joint venture that included Eastern Real Estate.
Gabay was operating the store at 2440 S. Las Vegas Blvd. for about a year, and will continue to run it. He acquired the store as part of a 1031 exchange.
John Knott with CBRE said the property had been up for sale before; it could have fetched $70 million before the recession. Knott also said that there was no talk that the gift shop might be bulldozed for a casino or condo tower, as it makes more money in its current form.
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