  LiV$_2$O$_4$ spinel is known to exhibit heavy fermion-like behavior below a
characteristic temperature $T_K\simeq 20$ K, while it preserves a paramagnetic
state down to $T\sim10^{-2}$ K due to geometrical frustration. Here, it is
shown that the dynamical spin susceptibility $\chi({\bf q},\omega)$ in
LiV$_2$O$_4$ exhibits anomalous duality which is modeled as a sum of itinerant
($\chi_{\rm F}$) and local ($\chi_{\rm L}$) components,and that the local spin
dynamics inferred from $\chi_{\rm L}({\bf q},\omega)$ is qualitatively
different from that expected from time-averaged bulk properties. The anomaly
coexists with the marginal Fermi liquid behavior inferred from the $-\ln T$
dependence of the electronic specific heat over a wide temperature range below
$T_K$. We argue that such unusual properties of LiV$_2$O$_4$ can be attributed
to the putative metallic spin liquid state emerging near the quantum critical
point between spin glass and Fermi liquid states.
