The press release is being pimped out like Chelsea Clinton at her mom’s fundraiser (I’ll eat my own nads before apologizing).

The MGM City Center Penthouses, which have yet to be built, have already sold at a Las Vegas record when measured by price-per-square-foot. This has been picked up by the mainstream media like a Britney twat shot.

Hell, it’s even above the fold on the Drudge Report today.

Units at City Center have recently been sold for $1,500 - $2,500 per sq ft, and up to $12 million per individual unit … which beats out the previous record of $1,300 / sq ft.

And press releases have been distributed to this effect to anyone that will listen.

The fact which receives little mention, is that only 3 … yes THREE units have been sold at this record price.

And they may have been bought by relatives of the Dubai owners, simply to make marketing headlines as they pay themselves. We simply don’t know.

Hell, I don’t even know if they have actually paid for them. In this town, “sold” and SOLD mean two different things.

I moved here before the real estate collapse, when the market was still white hot … so consider me an outright skeptic of any and all fantastic real estate claims.

If they are really making that much money, then they wouldn’t need to jump up and down, scream, and issue press releases when they make a big sale.

It looks desperate in my opinion.

Only 50% of the MGM City Center has been sold, and probably a good chunk of those were sold before one in every 40 homes in Vegas went into foreclosure.

That’s less than 1,400 units which have been spoken for, but not necessarily paid for.

No offense to MGM … but in a town of 2 million residents and 40 million visitors, that’s not a lot of units.

More of these “residential” projects have failed in recent years than have succeeded , and I don’t think MGM is going to have many more than 3 people pay those kinds of prices for units.

Sure some wealthy people here and there will gobble some of the penthouses up, and no doubt we will get a press release every time they do, but people aren’t exactly beating down the door to buy units despite the insanely extravagant sales offices and presentations that have to be costing MGM/Mirage a fortune to operate.

You can’t throw a rock in this town without hitting someone that would be thrilled to tell you about the wonderful amenities that will be available at the City Center. And I’m sure it will be every bit as great as they say.

I can’t wait for City Center to open. I look forward to the hotel and casino. It’s going to be one of the biggest Vegas openings of my generation, and no doubt the entire venture will be a success.

However, the media hype behind these THREE sold condo units is a little beneath MGM/Mirage in my opinion.

In related news, VegasRex.com has been sold for 5.8 Bazillion dollars, making it the most expensive website sale ever recorded in the entire galaxy.

Tell your friends!

Experts cite the poorly written diatribes as the reason behind the intensive bidding war for this Internet property.

A deposit of $4.75 has been made for the site by a wealthy African Princess, with the balance becoming due when an article appears here that actually makes sense.

Shit, I’m never getting paid …