On October 23, 1968, billionaire Howard Hughes reached an agreement to purchase the Landmark through Hughes Tool Company for $17.3 million, after denying reports earlier in the year that he was interested in purchasing the project. As part of the sale agreement, Hughes' Hotel Properties, Inc. would accept responsibility for approximately $8.9 million owed to the Teamster Union, as well as approximately $5.9 million in other debts and a balance of $2.4 million to Plaza Tower, Inc. At the time of the agreement, Hughes also owned five other hotel-casinos in Las Vegas. The United States Department of Justice launched an antitrust investigation into Hughes' proposed purchase, after previously investigating his attempt to purchase the Stardust Resort and Casino. As part of the investigation, the Department of Justice tried to determine whether there were other prospective buyers for the Landmark. By December 1968, negotiations were underway with several interested firms, including a $20 million offer from Tanger Industries, a holding company based in El Monte, California.