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Cal-Neva Resort Sold

CRYSTAL BAY, Nevada – As reported by the Las Vegas Review-Journal: "The Cal-Neva Resort on the north side of Lake Tahoe has been sold to Arizona investors for $30 million.

"Owner Chuck Bluth, who owned the casino for 20 years, said the property was sold Wednesday to a newly formed company in Phoenix called Namcal.

"Bluth said the owners plan to continue developing time shares at the resort, part of Bluth's initial $20 million remodeling project. The deal will become a joint venture between his construction company and the corporation.

"…The Cal-Neva, once owned by Frank Sinatra, was a haven for celebrities like the Rat Pack and Marilyn Monroe. It was closed for three years before Bluth bought it in 1985…"

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