The Sahara is Sold

[Harvey]

LAS VEGAS, Nevada -- A Hollywood movie producer, restaurateur and nightclub owner has bought the aging Moroccan-themed Sahara, the Review-Journal learned Friday night.

Sam Nazarian, through his Los Angeles-based SBE Entertainment Group, agreed to purchase the Sahara from the family of late casino pioneer William Bennett.

No purchase price was disclosed, but sources said the transaction was between $300 million and $400 million for the 17.45-acre parcel on the Strip that includes the 1,720-room hotel-casino.

John Knott, executive vice president of the Global Gaming Group for CB Richard Ellis, which was retained last year to sell the Sahara, said SBE Entertainment and Stockbridge Real Estate Funds had signed a contract Friday.

"They have some tremendous renovation plans for the Sahara, which made them a very compelling buyer," Knott said.

Nazarian, whose corporation includes a restaurant business, a trendy nightclub operation, a hotel group, a real estate division and a Hollywood production company, was the youngest executive to be named one of the "Top 100 Most Powerful People in Southern California" by West, the Los Angeles Times' Sunday magazine, last year.