The old Shark Club property on Harmon Avenue may soon be developed into the high-rise timeshare units planned more than 18 months ago.
Marriott Vacation Club purchased the property for $15 million from Lakes Entertainment, which originally planned to develop the property as The Chateau, an 850-unit timeshare that never got off the ground.
With the new ownership, it is expected that plans will proceed to build the $240 million, 30-story complex.
Original Chateau plans called for timeshare units priced at about $18,000 each, for a total sales revenue of about $800 million. The single-bedroom units will contain about 900-square feet of space, about double that of most Strip hotel rooms.
The timeshare site on Harmon, located across the street from the Aladdin, is currently a parking lot.
It was formerly the site of the Shark Club, which reached the peak of its popularity during the early 1990s. Before that, it was the home of Paul Anka’s Jubilation, a one-time gathering spot for celebrities and high rollers during the 1970s.