April 17, 2014
CARSON CITY, Nev. (AP) - After more than 12 years, the Nevada Supreme Court says a former Las Vegas resident is entitled to as much as $200,000 in interest money for the seizure of his property next to the Stratosphere hotel-casino.
The court on Thursday said Clark County improperly siphoned off the interest from an $725,000 account created for Paul Moldon by the city of Las Vegas redevelopment agency.
The account earned interest while Moldon fought the seizure of his half-acre lot in 1995.
A Clark County jury late in 2004 found the land should have been valued at $1.5 million. Moldon then sold the property to the Stratosphere.
Moldon, who has since moved to Washington state, then fought for the interest, which had been transferred into the county's general fund.
The high court ruled the transfer of the interest funds represented an unconstitutional taking of Moldon's assets.
(Copyright 2008 by The Associated Press. All Rights Reserved.)