Michael Berland, executive vice president and principal of Chartwell Group's Accelerated Marketing Division says the property was appraised in the fall at $174 million. The auction will be held at the MGM Grand Hotel and Casino in Las Vegas on May 1. The opening bid is set at $27.5 million.

The nine-parcel property is located across I-15 from Treasure Island and Fashion Show Las Vegas. The site is bounded by Spring Mountain and Desert Inn roads on the south and north, and by Valley View Road and Wynn Boulevard on the east and west. The existing buildings on the property are currently generating a net operating income of more than $1.2 million annually, Berland said.

The Asian-themed resort entitlements take their name from the site, which is located adjacent to Las Vegas' Chinatown, three blocks off of the Las Vegas Strip. The property is being sold by Spring Mountain Wynn Investments LLC and Desert Inn Pioneer LLC, each of which is managed by Lai and Krygiell, subject to the approval of US Bankruptcy Court. Krygiell tells GlobeSt.com that approximately 12 acres of the property are in bankruptcy due to a loan that came due and could not be refinanced.