Business & Real Estate

Tahoe estate sold for $29 million, reports say

This is a screen shot of the Drum Estate in Lake Tahoe from a YouTube video posted by Tahoe Getaways.
This is a screen shot of the Drum Estate in Lake Tahoe from a YouTube video posted by Tahoe Getaways. video image

A historical and prominent estate in Lake Tahoe has sold for nearly $29 million, according to several reports.

The 10-acre property, known as the Drum Estate, on the north shore of Meeks Bay, boasts over 700 feet of shoreline, two piers and a compound of structures. A vintage main lodge dates back to the 1920s.

See photos of the property here

In 1923, John Drum, president of American Trust Co., bought the property and planned to create a Tahoe sanctuary for relaxation and entertaining, according to Tahoe Luxury Properties. Guests as famous as aviator Charles Lindbergh visited the property. It was purchased by Erik Jonsson, the founder of Texas Instruments, in 1961, Tahoe Luxury Properties said in an article about the sale.

The buyer is Drum Lodge LLC of Redwood City, according to the Sacramento Business Journal, and shares the same address as two foundations started by technology billionaire Thomas Siebel.

The sale recombined two parts of the property known as the Drum Estate that had been under separate ownership, the Business Journal reported.

The estate was being rented before the close of the sale March 17 for between $17,890 and $20,931 per week, according to vacation rental management company Tahoe Getaways.

It’s reportedly a record sale price in Lake Tahoe.

The estate was built by Matt Green, who constructed the historic 38-room mansion Vikingsholm in Emerald Bay, and was designed by G. Albert Lansburgh, who designed the Warfield Theater in San Francisco.

David Caraccio: 916-321-1125, @DavidCaraccio

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