s per Tuesday 26th, U.S. Bankruptcy Court Judge Gregg W. Zive in Reno has approved compromise and settlement agreement between creditors tied to the resort and casino, which is located in Crystal Bay. The decision sets the base for Cal Neva Resort & Casino to be acquired by a Silicon Valley billionaire.
Lawrence Investments, a venture capital investment firm headed by Oracle Corp. co-founder Larry Ellison, will assume control of the property. Lawrence Investments will pay USD 35.8 million to acquire the resort and casino.
Once owned by Frank Sinatra, the property is famous for its celebrity guests who frequented the resort in the past. More recently, the Cal Neva’s story has been one of tumult. The resort was purchased in spring 2013 by Criswell Radovan, a Napa Valley-based real estate firm. Cal Neva was then shuttered in September 2013 for a highly anticipated, multimillion-dollar renovation.