Jacobs Entertainment sells Reno's oldest home for $1
Jacobs Entertainment has sold what is believed to be one of the oldest homes in Reno for just $1.
Jacobs Entertainment continues to invest in “The Biggest Little Cities in the World.” The Colorado-based gaming company acquired Sands Regency in 2017 for $30 million and has since renamed the Reno casino property the J Resort and renovated it. Jacobs also owned a nearby gold dust company.
Jacobs is pursuing an ambitious plan to redevelop the west side of downtown with the launch of the J Resort Neon Line, a mixed-use project extending from the J Resort on Arlington Boulevard. Gold Dust between West 3rd and 4th Streets, extending west to Vine Street.
Jacobs has been buying properties along his proposed Neon Line and east toward the Reno Arch and the main Casino Corridor. One such property is 347 West Street, a boarded-up historic home surrounded by parking lots.
The house, which Jacobs bought for $1.2 million in January, is believed to be one of the first homes built in Reno and dates to the late 1860s. The purchase was part of the Neon Line project, the company said at the time.
House sold for $1
Jacobs Entertainment purchased the property from local businessman John Gorham, whose parents opened the closed Bonanza Inn in 1986. Gorham has owned the home since October 2015, when he purchased it for $142,500.
Jacobs purchased the Bonanza at auction in February for about $3 million. The company plans to convert the dilapidated building into about 50 units of affordable housing to house many Neon Line employees.
Jacobs Entertainment said shortly after purchasing 347 West Street that it would sell the 1,500-square-foot historic one-story home for $1. However, these terms are conditioned on the buyer retaining and relocating the property to clear the road from Virginia Street to the Neon Line.
A representative for Jacobs told the Reno Gazette that three offers have been made for the property. After a "thorough review process," the company selected Logan and Angelina Needham as the $1 buyers.
Preserving Reno's historic buildings is important as we continue to revitalize downtown. "We are delighted that the West Street house will be in the hands of the Needham family," said Jeff Jacobs, CEO and owner of Jacobs Entertainment. This is an example of how progress and conservation go hand in hand. "
The Lees plan to move their house to a nearby vacant lot owned by the couple.
Home Page History
According to the Reno Historic Preservation Society, 347 West Street was known as the Benham-Belz House for decades. Historians believe the address is the oldest homestead in Nevada City.
There is compelling evidence that [the house] was built during Reno’s founding year, 1868 or early 1869, making it the oldest known house in Reno,” the historical society’s website states.
The house originally belonged to the Benham family, whose patriarch was a stonemason who came to the settlement to help build what would become Nevada's third largest city after Las Vegas and Henderson. Around 1880, the Benhams moved to Spokane and sold the property to local barber John Belz. The house remained in the Belz family until 1981.
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Source: www.casino.org
