RENO, Nev. -- A California developer has offered $47.2 million for properties owned by George Benny, convicted recently on mail fraud and racketeering charges.
They include the 2,000-acre Double Diamond Ranch near Reno.
The offer was filed on behalf of Jack Fleming Corp. of Huntington Beach, Calif., after Benny was convicted last week in San Francisco on 21 counts of mail fraud and one of racketeering in connection with his real estate dealings.
John England, the bankruptcy trustee handling Benny's properties in San Francisco, said he would recommend that the court accept the offer.
In addition to the ranch development south of Reno, the offer seeks to buy the River Inn Casino west of Reno and Casa Blanca condominiums in Las Vegas.
England said he believes the offer should be accepted, but admitted there could be a problem if some creditors don't think the $47.2 million is enough to cover their bankruptcy court claims against Benny.
The Fleming corporation has proposed paying $24 million for Double Diamond ranch, $10 million for River Inn and $11 million for Casa Blanca. In addition, the offer includes $2.2 million for Benny's 90-room home in Hilborough, Calif.
Fleming said he would develop both Double Diamond and the River Inn casino according to Benny's plans. Double Diamond is proposed as a planned community for 35,000 people.
