A class action lawsuit by condominium buyers was filed against Del American in 2005, after they were informed that the prices on their units would be raised in order to cover rising construction costs.

Lehman Brothers, which co-financed Vegas Grand, took control of the project in October 2007, after Del American defaulted on its loan.

DelGuidice initially planned to build apartments on the land, but he held off on the project because of the economic impact of the September 11 attacks.

As time went on, construction costs began to rise, although apartment rents remained steady, which convinced DelGuidice to add a condominium component to his project.

[1] DelGuidice called the property an "extremely challenging site," because of an adjacent power station and because of the Flamingo and Tropicana washes located on the land.

[11] In July 2004, Del American received a $240 million loan for the project, from Lehman Brothers and from Hypo Real Estate Capital Corporation.

[13] By May 2005, Del American was seeking approval from Clark County to add two additional stories to the project, for a new total of 994 units.

That month, after extensive drainage and environmental work relating to the washes, a construction permit was issued for the project's 212-unit Bella Venezia I building.

[16][17] In August 2006, Del American announced that the second phase – consisting of the 213-unit Bella Venezia II and a 12-story, 129-unit condominium tower – would soon begin construction.

Bella Venezia I was near completion at that time, and was accompanied by 16 acres (6.5 ha) of vacant land that was approved for an additional 782 units.

Geoffrey West, First Vice President for CB Richard Ellis, said, "It was originally intended as a for-sale condominium project, but that market has all but disintegrated.

[19] In April 2005,[21] Del American notified approximately 800 potential buyers with existing reservations that the purchase price for their units would increase as a result of higher costs for concrete, steel, and labor.

[15] In May 2005, a class action lawsuit was filed against Vegas Grand Condominiums Limited Partnership and Del American because of the price increases.

The lawsuit consisted primarily of Nevada residents who purchased units and claimed breach of contract, fraud, deceptive trade practices, and other allegations.

[22][21] According to the lawsuit, buyers had signed reservation agreements and made deposits ranging from $10,000 to $25,000, possibly dating back to November 2003.

[26] Del American settled the lawsuit in November 2006, and was ordered to pay 2.5 percent of gross sales proceeds into a common fund for 638 people who placed reservations.

Joseph Daneshgar, a southern California investor, purchased Las Vegas Grand in November 2019, at a cost of $47.6 million.