Tech billionaire Larry Ellison just bought a historic Lake Tahoe casino that once belonged to Frank Sinatra – Business Insider

Don Graham/Wikipedia Commons

Larry Ellison is buying a historic California resort for $35.8 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 $35.8 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 t he 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. 

The Cal Neva’s Circle Bar back in the day. Cal Neva Facebook

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 $49 million renovation, and bringing back some of the former

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