Thunderbird Lodge in need of $5 million
By Kyle Magin
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12:01 a.m. PT Mar 27, 2008
INCLINE VILLAGE, Nev. - The Thunderbird Lodge Preservation Society needs to raise $5 million before June 1 in order to keep a large gift intended to help the historic property stay open.
The mansion on the east shore of Lake Tahoe recently received a gift to forgive a $10 million lien on the property from Michigan-based real estate broker Pulte Homes, lodge manager and curator Bill Watson said.
The forgiveness hinges on the lodge's ability to raise $5 million before a June 1 deadline, he added.
"It is a short deadline, but I'm confident we'll make it. Pulte wanted us to have a sense of urgency with this money," Watson said.
The debt to Pulte was incurred after a series of land deals in which the University of Nevada acquired the famous Whittell Estate in 1999 from the Del Webb Corp., which in turn received valuable government land near Las Vegas, according to a March 21 press release from the lodge.
The university pulled out in 2002, giving the lodge back to Del Webb. Pulte recently purchased the property from Del Webb, along with the $10 million note.
In addition, the lodge's endowment fund should produce $200,000 to $300,000 each year in interest - enough to maintain the historic estate.
To meet the fundraising goal, Watson and his staff at the preservation society are soliciting high-dollar donations. So far, they have secured 14 commitments worth $1.4 million and are working on more.
Joan Gibb, who owns the Thunderbird boat and sat on the preservation society's board until last year, is among the donors.
"My passion for the boat and the lodge are pretty strong, and I want to see them maintained," Gibb said. "This is no different than giving to a hospital or a school: It serves our community."
"This estate is the intersection of Nevada's history, from native Americans to philanthropists to old time miners. All of that is cataloged and on display here at the Thunderbird," Watson said. "We have a responsibility to the next generation to take care of this lodge."
Interested donors can reach Watson at (775) 832-8755.
