CRYSTAL BAY, NEV. – The former Tahoe Biltmore Lodge was sold in a foreclosure sale to its original benefactor, Lake Tahoe Partners LLC. Nine pieces with the Waldorf Astoria Lake Project were sold in a trustee sale on July 15, according to the Washoe County Recorder’s office.
Newport Beach-based developer EKN purchased the Tahoe Biltmore in 2021 for $56.8 million, nearly twice the figure its previous owner paid, with intentions to create the luxury Waldorf Astoria resort. The Biltmore was still open when EKN purchased the property, but closed in 2022. EKN CEO Ebbie Nakhjavani did not respond to a request for comment.
The sale comes after the developer defaulted twice on the building’s $82 million loan. After a notice of default in Nevada, a grace period of three months is allowed before the property can be sold at auction and foreclosed…