Casino site goes for $3.5 million

Friday, Jan. 28, 2005 | 9:33 a.m.

BILOXI, Miss. -- A 8.34-acre site on the Back Bay of Biloxi, which was to have been the location for the Acropolis Casino, has been sold for $3.5 million.

Seven bidders from the coast, Hattiesburg and New Orleans had registered for Tuesday's auction, but the only bid came from the Florida-based Point South Land Trust. The bid was $3.2 million, but commissions and other expenses put the price for the site at $3.5 million.

The bidder has until Feb. 4 to close the deal.

Ramon "Ziggy" Gutierrez, who made his money in the seafood industry and had planned to be a player in the casino industry, sold the property at an absolute auction because of declining health.

Gutierrez, who had offered to owner-finance the sale, said he was pleased with the auction price.

The family had plans for a Greek-themed casino.

The project received preliminary approvals from the city and some state agencies as far back as 1999, but Gutierrez and his partners were hampered then because the property did not have access to a good road. The group never got the financial backing to bring the project before the Mississippi Gaming Commission.

Now, a new boulevard runs through the property as well as another casino site next to the Gutierrez property.