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ITT Corp.’s sale of half of the Desert Inn Resort and Casino in Las Vegas gives billionaire buyer Marvin Davis some assurances of recouping his investment, according to newly disclosed details of the transaction. The New York City-based hotel and casino company announced Sunday that Davis will pay ITT $150 million in cash and assume half of a $100-million debt offering to be issued by the partnership. ITT said it will get $250 million from the transaction, including all proceeds from the debt sale, as part of an agreement signed Friday. ITT said in a filing with the Securities and Exchange Commission that Davis could get back his $150-million cash investment back plus interest, minus his profits over four years, if the casino doesn’t take in $23 million to $25 million in earnings before interest, taxes and dividends by 2001. . . . Berkshire Hathaway Inc., the insurance holding company controlled by billionaire investor Warren Buffett, named Ronald L. Olson to its board. Olson, 56, is a senior partner at Munger, Tolles & Olson, a Los Angeles-based law firm. . . . Irwindale-based H.F. Ahmanson & Co. said its chief financial officer, Kevin Twomey, has been given the title of vice chairman.