Tech billionaire Larry Ellison looks set to buy a Lake Tahoe resort that was previously owned by Frank Sinatra and was regularly utilised by the likes of the Kennedys and Marilyn Monroe.
The Cal Neva Resort and Casino is based on the shores of North Lake Tahoe in California and encompasses a hotel and small casino. It has been reported that Ellison’s Lawrence Investments will buy the whole property for $35.8 million.
The resort and casino will become part of Ellison’s already expansive portfolio of properties, as he already owns the entire Hawaiian island of Lanai, a historic garden villa in Japan, and the parcel of land that Nobu Malibu sits on.
The resort, which was built in 1926 is steeped in history having previously been purchased by Frank Sinatra in 1960, it became a regular destination for famous friends. However, in 1963 after frequent visits from Chicago mob boss Sam Giancana, the singer was pressured by the FBI to sell the property.
The casino has had numerous owners since Sinatra, most significantly a California developer who invested heavily in the operation in an effort to try and bring back its glory days.
The resort will be thankful for the investment from in state, as laws in California prohibit anyone from outside the state owning California based casinos, something that Larry Flynt recently sued them for, on the grounds that the law was unconstitutional, Flynt lost his case however.
