During the depths of the recession, billionaire investor Carl Icahn submitted the one and only qualified bid in a Miami bankruptcy court to acquire the land and improvements of the former FontaineBleau Las Vegas, for $150,000,000. The price Icahn paid for the approximately 70% completed megaresort and tallest hotel tower in Nevada amounted to less than 10% of what had already been invested in constructing the improvements. In 2016, five years after acquiring the property, Carl Icahn is reported to be close to finalizing a sale of the property for an estimated $650,000,000. By reviewing the complete story and analyzing Icahn's investment, we'll try to gain a deeper understanding of real estate investing, and walk away with some lessons which will help us in making better investing decisions in our own lives.