 Demolition of the hotel was approved in late September 2004, and had been completed by March 2005.That month, Schinz cancelled the Krystle Sands project and sold the property for $97 million to Turnberry Associates, which owned the nearby Turnberry Place complex, as well as the former El Rancho property.Turnberry began the Fontainebleau Resort Las Vegas project on the El Rancho and Algiers properties in 2007.