Lake Tahoe home sells for $47.5 million — the third-highest lakefront property on record
A Lake Tahoe home just sold for $47.5 million, the third-highest price recorded for a lakefront property in the region.
The sale of the “Spirit of the Lake” property on 859 Lakeshore Boulevard was recorded on Nov. 10, according to a deed obtained from the Washoe County Recorder’s office.
Assessor data also shows that the two-story property was built in 2005 on 1.39 acres and has four bedrooms, four full bathrooms and three half-bathrooms. The buyer was represented by real estate firm Chase International.
The sale price for the property, which also boasts 150 feet of lakeshore, is the third-highest recorded for a Lake Tahoe home.
In 1998, the Thunderbird Lodge — also known as the Whittell Estate — and its 140 acres of private land were sold for $50 million to developer Del Webb. The Tranquility estate of Tommy Hilfiger co-founder Joel Horowitz sold in 2013 for $48 million.
Other high-profile Tahoe property purchases in recent years include Facebook co-founder and CEO Mark Zuckerberg’s purchase of two properties for $37 million and $22 million each in 2019. Oracle co-founder Larry Ellison also bought four Lake Tahoe properties worth between $15 million to $20 million each. The properties were demolished to build Ellison’s new home.
Single-family homes in Tahoe’s Incline Village area saw a large increase in pricing during the third quarter of this year as the median sales price climbed to just under $3.5 million, up 119% year-over-year, according to Dickson Realty. One of the homes sold was a 14,000-square-foot lakefront property that was purchased for $32 million, according to Dickson.
Available supply, meanwhile, was at 90 units, down by more than 43% compared to the same period last year. On average, listed properties spent 44 days on market during the third quarter, a much quicker pace than last year’s 62 days.
Housing numbers for Tahoe markets tend to be susceptible to large swings due to its smaller sample size when compared to typical markets with more homes. Home sales have been brisk in the Tahoe region since the pandemic, however, which local housing experts have tied to increased acceptance of remote work as well as investors seeing big gains from the stock market.
Jason Hidalgo covers business and technology for the Reno Gazette Journal, and also reviews the latest video games. Follow him on Twitter @jasonhidalgo. Like this content? Support local journalism with an RGJ digital subscription.