(LAS VEGAS, NV) -- Billionaire Phil Ruffin today closed a previously reported deal to buy the 2,885-room Treasure Island Hotel and Casino on the Las Vegas Strip for $775 million. Real Estate Channel reported the transaction Dec. 16, 2008.
Ruffin's holding company, Ruffin Acquisition LLC, is the buyer of record. Publicity-shy Ruffin, reported by Forbes to have a 2008 net worth of $2.1 billion, paid MGM Mirage $600 million in cash at closing for the property.
Ruffin also gave MGM Mirage a $175 million secured note bearing interest at 10% payable not later than 36 months after closing.
Ruffin Acquisition, LLC has an option to prepay this note on or before April 30, 2009 and receive a $20 million discount on the purchase price. The note is secured by the assets of TI and will be senior to any other financing, according to James J. Murren, Chairman and CEO of MGM Mirage.
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