A renowned and historic resort perched on Lake Tahoe’s shoreline has been bought and is headed for a dramatic revamp.
A renowned and historic resort perched on Lake Tahoe’s shoreline has been bought and is headed for a dramatic revamp in a deal that bestowed a tidy profit on the property’s seller, tech tycoon Lawrence Ellison.
This means Ellison appears to have turned a profit on the property, which the Oracle founder bought in 2018, according to a deed filed at that time. Ellison, acting through a venture capital affiliate, paid $38.6 million for the property.That’s about to change, according to Cal Neva’s new owner, McWhinney, a real estate investment and development firm.
Guests during the Cal Neva heyday included former President John Kennedy; actresses Marilyn Monroe, Judy Garland and Lucille Ball; Sinatra’s Rat Pack pals Dean Martin and Sammy Davis, Jr.; actor Cary Grant; and baseball legend Joe DiMaggio. “The original Cal Neva Lodge & Casino is one of the most historically rich and beautiful properties located anywhere in the State of Nevada,” the bankruptcy court records state. “The property was originally constructed in 1926, and is nestled in the tall Ponderosa Pine trees on Lake Tahoe’s crystal-clear north shore. In 1960, Nevada legend Frank Sinatra purchased the property and turned it into a top-notch gaming destination for the rich and famous.
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