Larry Ellison may back out of deal to buy Cal Neva
Submitted by paula on Fri, 12/01/2017 - 7:58pm
Tech billionaire and real estate fanatic Larry Ellison might back away from a deal to buy Frank Sinatra’s old Lake Tahoe casino.
Ellison’s $35.8 million purchase of the faded Cal Neva Resort & Casino has been tied up in court for more than a month, and the Oracle Corp. founder isn’t willing to wait much longer, federal bankruptcy officials warned in a court filing last week.
If Ellison drops out, the Cal Neva would be left in limbo. The 91-year-old resort has been a fixture on Tahoe’s north shore but has out of business since 2013 and is decades removed from its glory days.
Related Stories
- Tech giant cleared to buy Cal Neva Lodge for $35.8M
- Caesars rolls the dice in bankruptcy court
- Firefighters have put a line around 89% of the King Fire
- Lake Tahoe law firm sets bar for environmental cases
- City Council candidates respond to South Lake Tahoe Chamber questions
- STPUD candidates respond to questions
- South Lake Tahoe City Council candidates respond to #IRunWithMaud questions
- Events Center approved by Douglas County Commissioners