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Vol. 5, No. 9, September 2009, Tumbling Dice

Cal Neva For Sale

Thu, Sep 03, 2009

Frank Sinatra’s former Lake Tahoe hangout is up for sale.

Cal Neva For Sale

Frank Sinatra’s former Lake Tahoe hangout is up for sale. Owner Canyon Capital Realty Advisors, which took over the property in April after a failed foreclosure sale, has hired Las Vegas-based firm CB Richard Ellis to handle the sale of the Cal Neva hotel and casino in northern Nevada.

No price has been set, but Canyon officials said more than 100 interested investors have called about the casino, and the company expects to sell the property within three months.

“There’s a lot of interest in this property,” CB Richard Ellis Executive Vice President John J. Knott II told the Sacramento Bee. “It has a substantial history, and it’s nearly impossible to build something new here.”

The 83-year-old casino sits atop the border between Nevada and California, and was once owned by Sinatra before the singer’s mob ties caught up with him.

“We said from day one that we could keep Cal Neva open for business, make long-overdue management improvements to the property and assess its future,” Canyon official Richard Bosworth told the Las Vegas Review-Journal. “That’s exactly what we’ve done. Cal Neva is a great asset with a very bright future, and we think the time is right to market the property to interested buyers.”

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