- Larry Ellison is buying a historic California resort for $US35.8 million
The property was once owned by Frank Sinatra and a haven for ’60s era celebrities
Ellison’s plans for the site remain unclear
Tech billionaire Larry Ellison is buying a Lake Tahoe resort that was owned by Frank Sinatra and a playground for the likes of the Kennedys and Marilyn Monroe.
The Cal Neva Resort and Casino sits on the shores of North Lake Tahoe in California and encompasses a hotel and small casino. Ellison’s Lawrence Investments is buying the whole thing out of bankruptcy for $US35.8 million, according to the Sacramento Bee.
The property will be just another addition to Ellison’s collection of trophy homes. The Executive Chairman of database giant Oracle already owns two multi-million dollar properties in the Lake Tahoe area as well as the entire Hawaiian island of Lanai, a historic garden villa in Japan, and the parcel of land that Nobu Malibu sits on.
Ellison will be getting a lot more than a derelict resort with his latest purchase. Built in 1926, the resort was bought by Frank Sinatra in 1960. According to SnowBrains, Sinatra quickly turned it into a haven for his celebrity friends and some rather shady characters. In 1963, Chicago mob boss Sam Giancana (The “Godfather” of the American Mafia) was discovered on the property by FBI agents and Sinatra was swiftly pressured into selling the casino.
Since then it has transferred hands a few times, but never been able to get back to its ’60s heyday. Its most recent owner was a California developer who bought it with the intention of giving it a $US49 million renovation, and bringing back some of the former glory.
A spokesman for the Tahoe Regional Planning Agency told the Sacramento Bee that so far, the agency hadn’t heard anything from the new owner. The management firm that was in line to run the casino operation for the previous owner also told the Bee that Ellison had been “radio silent” on his intentions for the property. Ellison already owns a few commercial properties, so it wouldn’t be out of line for him to pour some money into the resort and reopen it to the public.
Business Insider Emails & Alerts
Site highlights each day to your inbox.