The future of the Tahoe Biltmore Lodge & Casino is uncertain after the development group that acquired the historic property in 2021 defaulted on a loan exceeding $100 million. The Tahoe Biltmore has remained closed for nearly two and a half years, and its fate hangs in the balance after EKN Development, the California-based real estate firm that bought the property, defaulted on a $110 million loan. EKN Development acquired the Tahoe Biltmore in September 2021 for $56.
8 million. Despite grand plans for the property, they shuttered its operations in April 2022. The property, which had been a fixture in the area for 76 years, now stands gated and boarded up, with financial constraints preventing any demolition or redevelopment.
First American Title has been appointed as the trustee to manage the interests of the investors whom EKN has failed to repay. The outstanding loan, along with interest, fees, and other expenses, now totals more than $110 million. EKN President and CEO Ebbie Nakhjavani told the press that the company is not insolvent and is making efforts to refinance the loan.
“EKN is working diligently to restructure the existing loan and expects to complete this process in the next three to four months,” Nakhjavani said. “In the meantime, EKN is continuing to invest in the project and construction activities are continuing at the site.” However, First American Title is moving ahead with auction plans in the meantime.
An auction for the 15-acre property is sche.