Monday, Oct. 5, 2009 | 5:48 p.m.
Jeffrey Soffer's legal team is negotiating to auction off the Fontainebleau Las Vegas with a starting bid that would amount to only pennies on the dollar for the unfinished and bankrupt casino hotel, the Miami Herald is reporting.
Casino owner Penn National Gaming has offered to pay less than $300 million for the Fontainebleau, a project that has already spent about $2 billion, said Scott Baena, the Miami bankruptcy lawyer representing the Vegas Fontainebleau.
Penn would bid less than $300 million for the property, Baena said in a court hearing Monday, according to the Herald.
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