BUSINESS BRIEFING / REAL ESTATE
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The lender who foreclosed on the Cal Neva Resort at Lake Tahoe has assumed ownership of the hotel-casino once owned by Frank Sinatra after no one offered to buy it at public auctions in California and Nevada.
Canyon Partners, a Los Angeles investment group, filed a notice of default against Cal Neva in December after its owner, Namcal, defaulted on a $26.8-million debt.
Canyon Partners set the opening bid at $15 million for the Nevada portion of the property during an auction on the steps of the Washoe County courthouse in Reno.
A separate auction was held in Roseville, Calif., because the property straddles the state line on the north shore of Lake Tahoe.
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