Larry Ellison may not have made his billions in the entertainment industry, but it looks like he'll be purchasing a Lake Tahoe resort that previously belonged to legendary singer Frank Sinatra and served as a celebrity haven – often frequented by Marilyn Monroe and the Kennedy's.
It's rumored that the tech entrepreneur's investment firm, Lawrence Investments, is buying the Cal Neva Resort and Casino out of bankruptcy for $35.8 million. The resort is situated on the shores of California's North Lake Tahoe and includes a hotel and casino.
The resort was built in 1926 and acquired by Sinatra in 1960, who turned it into a retreat for celebrity friends. Sinatra sold the casino shortly after Chicago mob boss Sam Giancana was discovered on the property by the FBI in 1963.
Most recently, a California developer bought Cal Neva with the hope of restoring its former glory with the help of a $49 million renovation.
For Ellison, the 73-year-old co-founder of database giant Oracle, this is not his first rodeo in Lake Tahoe. He is the owner of two multi-million dollar properties in the area, along with a number of other residences across the globe.