The Tahoe Biltmore Lodge and Casino was sold at a foreclosure auction for $153,000 after a significant decline from its peak value of nearly $127 million. Originally opened in 1946, the hotel was a popular mid-century destination before closing in 2022 after financial difficulties plagued its owner, EKN Development. EKN had attempted to redevelop the site into a Waldorf Astoria but defaulted on an $82 million loan twice. The buyer, Lake Tahoe Partners, had previously been the original lender on the project.
The Tahoe Biltmore Lodge and Casino sold at a foreclosure auction for $153,000, despite its valuations close to $127 million before the auction.
Originally, the Biltmore was a mid-century landmark known for slot machines and entertainment, but it closed in 2022 due to financial troubles.
EKN Development defaulted on an $82 million loan for the second time, leading to the foreclosure auction of the Biltmore.
The buyer of the Biltmore, Lake Tahoe Partners, had a previous connection as the original lender on the project.
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