Editorial: Speculation pays off

Friday, July 22, 2005 | 8:59 a.m.

The Clark County School District received some criticism earlier this year when it spent $14.5 million to buy a 66,645-square-foot office building on West Sahara Avenue that had some lavish touches. The building came with marble floors in its lobby, and in the executive suite there was leopard-print carpeting and a huge desk that had to be installed by crane because it was too large to be brought in through an elevator. The building is to be used as the new headquarters for the school district's administration and also is to be home for some school district offices that currently are scattered around Las Vegas and are being leased.

School district officials maintained that they had gotten a great deal, especially in this hot real estate market, and it now appears they were right. Walt Rulffes, co-interim superintendent of schools, says within weeks after its purchase the district has received offers of up to $18 million to buy the building. Rulffes says the School Board will consider next week what should be done with the building, which currently is unoccupied, including the option of selling it and possibly making a $3.5 million profit or more. It's a smart decision to consider selling and using some of that money on other nonschool capital improvement projects, such as a new headquarters for the Facilities and Technology divisions, that have been stalled by escalating construction costs. We are not suggesting that the School District give up its day job to become a land speculator , but buying the land on West Sahara -- leopard-print carpeting and all -- could turn out to be a multimillion-dollar bless! ing.