Prime Las Vegas Strip land near Mandalay Bay fails to sell at auction

The Diamond Inn Motel’s property and its pink elephant are still up for grabs after the property didn’t sell at auction.

The auction for the 1.36 acres of land on the south side of the Las Vegas Strip opened March 7 and closed at noon on Thursday but failed to get a bid that matched the $12.5 million starting price, a J.P. King Auction Company spokesperson said.

The J.P. King spokesperson said the auction was productive even though it didn’t produce a winning bid.

“We do feel the auction has identified several serious and interested buyers across the globe and many are continuing to do their due diligence,” the spokesperson said in an emailed statement.