The Aviator’s once-prized Vegas property is worth just a fraction of what it used to be
The final piece of billionaire Howard Hughes’ estate is being sold off, and for his heirs, it will be a disappointing end to a long, strange saga. Hughes died in 1976 with no children or will, but over the years, the number of people claiming a piece of his fortune (from distant family members to lawyers) swelled to over a 1,000. They have been paid about $1.5 billion from the liquidation of his once vast assets, which included 26 companies (from an airline to a casino). Now, one large property remains—7,000 acres of land in Las Vegas once estimated to be worth $2 billion. But the housing collapse in the U.S. and the bankruptcy of a development company that controls the land has reduced the value of the property dramatically. A lawyer who represents the group of heirs calls it a “terrible disappointment”. Hughes’ last legacy could ultimately be reduced to a collection of modest payments, if that.