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Bankrupt Saipan Casino Liquidates Assets: Rolls-Royce and Crystal Dragons

Bankrupt Saipan Casino Liquidates Assets: Rolls-Royce and Crystal Dragons

The bankrupt casino on Saipan is selling off its assets, including a Rolls-Royce and crystal dragon sculptures.

The Imperial Pacific Resort Hotel in Saipan is selling its cars because it failed. They have Rolls-Royce cars for sale starting at $21,000, each with under 6,000 miles driven. A new one used to cost over $300,000. Whoever buys these cars will have to take them from the Northern Mariana Islands themselves. There’s also a 2017 Cadillac Escalade with under 42,000 miles and the current top offer is $13,000.

A large dragon statue adorned with Swarovski crystals is being sold. This 200-foot-long dragon weighs 40 tons and can change colors. Bids start at $100,000, but the exact highest bid needed to win it hasn’t been shared. Previously, it was displayed in the lobby of a casino hotel. It was created by Lasvit, a company known for using advanced design techniques.

Clear Management Group is in charge of the sale and buyers have to pay to ship their items from Saipan, which is expensive because it’s almost 6,000 miles from California. The auction for vehicles will close on April 11, but you can keep making offers for the dragon until August 22, 2024.

Auction Details and Previous Cases

  • 2017 Rolls-Royce Ghost: Starting bid at $21,000 each.
  • 2017 Cadillac Escalade: Current high bid at $13,000.
  • Crystal Dragons: Bidding starts at $100,000.

This is not the first instance of a luxury casino failing. The 13 Hotel in Macau also liquidated its fleet of Rolls-Royce Phantoms at a loss after their plans collapsed.

Financial Collapse and Legal Disputes

The once-promising Imperial Pacific International is controlled by Chinese billionaire Cui Lijie. The company owes significant back licensing fees and faces ongoing legal disputes. IPI has offered a $31 million separation fee to clear debts. For further understanding of bankruptcy and its impacts, including cases like IPI's, the U.S. Courts provide a comprehensive overview.

This auction lets people buy expensive things cheaply. It shows how business in the casino world can sometimes fail and end up selling off assets.

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