, ▁estimated ▁to ▁be ▁about ▁$ 2 . 5 ▁million ▁( or ▁about ▁ ▁$ ▁today ), ▁he ▁branch ed ▁out ▁in ▁his ▁invest ments . ▁ ▁Land owner ▁▁ ▁With ▁the ▁wealth ▁generated ▁through ▁both ▁his ▁sav vy ▁and ▁luck y ▁invest ments , ▁he ▁was ▁able ▁to ▁surv ive ▁stock ▁market ▁crashes ▁and ▁bank ▁fail ures . ▁In ▁ 1 8 7 5 - 7 6 , ▁he ▁built ▁the ▁Bald win ▁Theater ▁and ▁Hotel ▁(" the ▁fin est ▁west ▁of ▁New ▁York ") ▁which ▁earned ▁him ▁head lines ▁across ▁the ▁United ▁States . ▁ ▁During ▁the ▁summer ▁of ▁ 1 8 7 9 , ▁Bald win ▁was ▁in ▁South ▁Lake ▁T ah oe ▁and ▁spent ▁time ▁at ▁a ▁small ▁hotel ▁owned ▁by ▁E ph ra im ▁" Y ank " ▁Clement s ▁situated ▁on ▁ ▁and ▁with ▁rights ▁to ▁an ▁entire ▁mile ▁of ▁lake front ▁sh or eline . ▁The ▁resort ▁was ▁unusual ▁because ▁it ▁still ▁retained ▁the ▁maj estic ▁old - g row th ▁for ests ▁that ▁had ▁been ▁har v ested ▁throughout ▁much ▁of ▁the ▁bas in ▁for ▁be ams ▁to ▁support ▁silver ▁mine ▁t unn els ▁in ▁the ▁Com stock ▁L ode . ▁In ▁ 1 8 8 0 , ▁Bald win ▁bought ▁the ▁resort ▁when ▁it ▁went ▁into ▁forec los ure . ▁Bald win ▁re - ch rist ened ▁the ▁property ▁the ▁" T al lac ▁House " ▁after ▁nearby ▁▁ ▁M t . ▁Tal lac , ▁one ▁of ▁the ▁tall est ▁mountain ▁in ▁the ▁Lake