Billionaire Larry Ellison's Latest Investment: A Lake Tahoe Resort Once Owned By Frank Sinatra

By on November 19, 2017 in ArticlesBillionaire News

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.

Julian Finney/Getty Images

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.

Did we make a mistake?
Submit a correction suggestion and help us fix it!
Submit a Correction