Casino Gambling

Piece of paradise: Former Margaritaville Casino for sale

JOHN FITZHUGH/SUN HERALD 
 Concrete barricades have been set up at all but one of the entrances of the Margaritaville Casino parking lot in Biloxi in 2014 after they closed the previous night. The building and 10-acre site with marina are for sale for $18 million.
JOHN FITZHUGH/SUN HERALD Concrete barricades have been set up at all but one of the entrances of the Margaritaville Casino parking lot in Biloxi in 2014 after they closed the previous night. The building and 10-acre site with marina are for sale for $18 million. SUN HERALD

BILOXI -- September was a year since Margaritaville Casino Biloxi closed and now the building and the property on the Back Bay in East Biloxi are up for sale for $18 million.

"That $18 million is well below appraised or market value," said listing agent Ray Stronsky, senior vice president of hospitality and gaming investment sales with NAI Sawyer Commercial in Gulfport.

"It's only been on the market for a week and we already have interested parties," Stronsky said.

The two-story building is 68,000 square feet and sits on 10.1 acres zoned for casinos. It also has a marina.

"With the building being less than four years old this is going to be a great buy for somebody," Stronsky said.

The casino closed in September 2014 and the operators filed for bankruptcy.

Lee Sims of Hattiesburg, who owned the land, now owns the entire property that is up for sale.

Part of the failure of Margaritaville was blamed on the access to the property off Fifth Street.

Stronsky said the plans approved by the Biloxi Council Tuesday to possibly extend Pine Street and complete the East Biloxi Loop will be a big boost to this site,

"This property will front right on the loop," he said.

It also has great visibility from the Biloxi Bay Bridge and Stronsky said on Thursday he plans to hang a large "For Sale" sign across the front of the building where drivers can't miss it.

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