Formerly owned by Frank Sinatra, the Cal Neva Resort & Casino on Lake Tahoe’s north shore has been closed since 2013. A $49 million plan to revamp the property by a St. Helena developer ran out of cash last year and it went into bankruptcy proceedings.
Multi-billionaire Larry Ellison, founder of Oracle Corp., is prepared to go ahead with his $35.8 million offer of last year to buy the property, if the deal can be wrapped up by Jan. 10.
Creditors have held up the transaction with claims that they weren’t being treated fairly. After weeks of negotiations, a deal has been reached which should allow Ellison to proceed.