There are now various deals available from the bankrupt and closed Imperial Pacific Resort Hotel on Saipan, whose assets are being auctioned off.
Imperial Pacific International (IPI) is still embroiled in a court battle to divide the capital of the United States' overseas commonwealth, the Northern Mariana Islands, and to officially abandon its once-planned $3.9 billion resort casino.
Cui Lijie is a Chinese millionaire who owns a company called IPI that is situated in Hong Kong. Cui gained her wealth by investing early in the Macau junket company Suncity.
Cui's plans to build a resort in Saipan turned out to be a massive financial failure. Tens of millions of dollars in unpaid license fees and other regulatory duties are owed by IPI to the U.S. territory. Earlier this month, the business proposed a $31 million separation fee to settle the outstanding debts with the government of the Northern Mariana Islands.
The resort has been designated as the receiver while that procedure is ongoing. Clear Management Group, a strategy and advising organization active in the entertainment and hotel industries, is situated in Saipan. In that capacity, Clear Management is in charge of the casino's asset auction, including its collection of exquisite cars and its dragon art structure, which is made up of more than 2.5 million Swarovski crystals.
Masterpiece of Saipan Casino
This week, Clear Management contacted Casino.org to inform us about the start of the Imperial Pacific asset auction. The most valuable object on the lot is the set of crystal dragons, a stunning artwork that served as the centerpiece of the opulent casino hotel lobby.
The "Saipan Dragons" are 40 tons in weight and measure roughly 200 feet long. Above the resort's atrium, a gem-studded crystal sculpture took to the air.
"Two dragons fighting over a flaming pearl are a symbol deeply rooted in Chinese mythology,” the auction site reads. “The pearl is associated with spiritual energy, wisdom, prosperity, power, and immortality.”
Lasvit, a prominent Manhattan-based art producer, created the design for the artwork. The dragons are colored-changing and lighted. The project, according to the artists at Lasvit, integrated metallurgy, glassblowing, and a "high-tech design process."
There is a reserve, according to Clear Management, and the minimum offer for the artwork is $100,000. The deadline for accepting bids is August 22, 2024.
Entire Rolls Into Lot
The Imperial Pacific vehicle auction may pique the interest of those who enjoy luxury cars a little more.
Two 2017 Rolls-Royce Ghost cars with the extended wheelbase variant for more legroom are being sold. Right now, each car is being bid on for about $21,000. There are less than 6,000 kilometers on the Rolls.
The starting price of the 2017 Rolls-Royce Ghost was $339,775. Using Autotrader, a nationwide search for 2017 Rolls-Royce Ghosts reveals comparable cars with average asking prices of about $15,000.
It goes without saying that returning the automobiles from the middle of the Pacific Ocean to the US mainland won't be a simple or cheap task. The distance between the Northern Mariana Islands and Hawaii is 4,000 miles and approximately 6,000 miles, respectively.
The vehicle auction is scheduled to conclude on April 11 and features a 2017 Cadillac Escalade with fewer than 42,000 miles, which is presently bidding up to $13,000.
This is not the first time a bankrupt casino has suffered greatly because to Rolls-Royce automobiles.
Before the facility was even open, the insolvent 13 Hotel in Macau, a similarly doomed luxury casino project, paid $20 million for thirty Rolls-Royce Phantoms. The cars were sold for just $125,000 apiece after the scam collapsed, representing a loss of almost half a million dollars per vehicle.
