Last month, long-time resort broker David Atwell, who says he initiated the transaction, sued the parties involved for his 1% fee, which in this case would be $12 million. Atwell has requested a jury trial.

Ruffin acquired New Frontier in the late 1990s for less than $200 million, according to published reports. Ruffin had been planning a Swiss-themed, Montreaux-brand resort for the site, for which he says he had lined up $2.7 billion in financing. His reasons for selling reportedly include the rising cost of construction and the relatively low 15% federal tax on capital gains.

Property & Building Corp. Ltd. also is an equity investor in the Village at Queensridge, a 1.35-million-sf, 18-building development that includes 340 luxury residential units, 450,000 sf of retail and restaurant space, and subterranean parking for some 3,300 vehicles. The $850-million development in the master-planned community of Summerlin is slated for completion in late 2008. IDB is also providing the necessary equity for One Queensridge Place, a related 219-unit condominium tower that recently topped out and is 80% sold.