A tech billionaire is buying Sinatra’s old Tahoe resort
Larry Ellison has made billions in high technology and has a knack for buying glitzy real estate properties. Can the founder of Oracle Corp. bring his Midas touch to a faded Lake Tahoe resort once owned by Frank Sinatra?
Ellison’s Lawrence Investments has been cleared to buy the Cal Neva Resort & Casino for $35.8 million, according to U.S. Bankruptcy Court records. A federal bankruptcy judge approved the sale on Oct. 16 after no other bidder surfaced for the fabled property. The Cal Neva has gone through a succession of owners over the years and has been unable to regain its Sinatra-era luster. The resort, which straddles the California-Nevada border and includes a 10-story hotel tower and a small casino, has sat idle since 2013.
The Cal Neva represents another big splash for Ellison, who reportedly spent $500 million buying Hawaii’s Lanai island in 2012, owns a $42 million property in Rancho Mirage and a multimillion-dollar “garden villa” in Japan. The Wall Street Journal has referred to him as “one of the nation’s most voracious consumers of trophy real estate.” Forbes pegged his net worth at $43 billion.
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