LOS ANGELES, CALIFORNIA – NOVEMBER 22: Dallas Mavericks owner Mark Cuban attends a basketball game … [+]
Mark Cuban is selling more of his assets to Miriam Adelson and Sivan and Patrick Dumont, the majority owners of the Las Vegas Sands
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Cuban has owned this parcel of land in the Dallas Design District since 2016 and confirmed the sale of the property to “the individuals who purchased the Mavs” to the News. The site currently houses the Mavericks’ offices and practice facility. The Dallas County Appraisal District lists the value of the land at $42.9 million for tax purposes.
The sale marks another high-profile real estate purchase by the new majority owners of the Mavericks as they make further inroads in North Texas. The company also bought over 200 acres of land in Irving, Texas, across the highway from the site of the former Texas Stadium, where the Dallas Cowboys played for decades.
“To my knowledge, that’s the only real estate currently held” by the Sands Corp. in Texas, Las Vegas Sands spokesman Ron Reese told the News about the properties in Irving and the Design District. “There certainly could be additional purchases in the future.”
Village Walk RE 2 LLC acquired the land in Irving, valued at more than $36 million, months before the sale of the Mavericks. The Sands Corp. plans to build a resort on the site.
The real estate purchases have fueled speculation about the location of a new arena for the Mavericks. Cuban has long said he wants to build a new arena for the team to play in when its current lease at the American Airlines Center expires in 2031. In December 2022, he said he envisions a new arena as part of a Las Vegas-style resort and entertainment destination.
In December, the NBA Board of Governors unanimously approved Cuban’s sale of the majority stake in the Mavericks to the Adelson and Dumont families and their casino empire. The sale had a reported valuation of more than $4 billion. Cuban retains a 27% ownership in the team, oversees basketball operations, and serves as the Mavericks’ alternate governor.
Companies owned by Cuban still hold other properties near Downtown Dallas in the Deep Ellum and Cedars neighborhoods.
