INCLINE VILLAGE, Nev. — Built in 1926, the Cal Neva Lodge & Casino, once owned by Frank Sinatra and frequented by the likes of the Rat Pack, Marilyn Monroe and members of the Kennedy family, is undoubtedly the most historic resort at North Lake Tahoe.
In more recent years, however, that history has been forgettable, as efforts to restore and reopen the famed resort hugging the North Shore’s California-Nevada state line have continually fallen by the wayside.
This infamous history is repeating itself once again, as Criswell-Radovan, the owner of the property since 2013, filed for bankruptcy on June 10, 2016, putting the multimillion-dollar redevelopment the company started in 2014 back in deep waters.
According to legal documents obtained by the North Lake Tahoe Bonanza, Criswell-Radovan owes more than $27 million to creditors affiliated with the project, including $7 million to lead contractor The Penta Building Group, which is based in Las Vegas and has an office in Reno.
Documents also reveal Ladera Development, the secured creditor of the project that’s also owed $7 million, had set a foreclosure sale initially for April 20, 2016, before extending the sale date through June 10, 2016, which prompted the developers to file for bankruptcy on that date.
Neither officials with Criswell-Radovan, or the company’s legal counsel, Jeffer Mangels Butler & Mitchell, could be reached for comment on this story, despite multiple email and phone call attempts.
Kristina Hill, an Incline Village-based planner who helped the Napa Valley-based development company acquire the necessary permits from Tahoe Regional Planning Agency and Washoe County to begin construction on the property, said Penta Construction stopped working on the project in December 2015.
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