See stunning waterfront Lake Tahoe home listed at $60 million, may break sales record
A magnificent Lake Tahoe home sitting on a five-acre lot with 300 feet of waterfront property has emerged on the market for $60 million, according to the Compass real estate firm.
If the home — whose style calls to mind the Ahwannee Hotel in Yosemite Valley — sells at that price, it will set a new residential sales record for Lake Tahoe, according to Compass.
The previous record sale for Lake Tahoe was set back in 2013 when 550 Sierra Sunset in Zephyr Cove sold for $48 million, according to Compass. That home sold again in 2020 for less than $38 million.
“Although (technology titans) Mark Zuckerberg and Larry Ellison both own homes on Tahoe, neither paid this much for a single home,” Compass wrote in a news release. “Zuckerberg paid $22 million and $37 million for two adjacent properties in 2019, and Ellison bought a collection of four homes, each in the $15 (million) to $20 million range, which he demolished to build his new home.”
The large estate at 575 Lakeshore Boulevard spans 12,600 square feet with four bedrooms and five-plus bathrooms. A 3,800-square-foot, four-bedroom guest house also sits on the 5.3-acre lot. The lot provides expansive lake views and features a shared pier, two buoys and a boat lift.
The living room in the main residence has postcard-worthy lake views and 39-foot alder ceilings illuminated by custom hidden light fixtures.
From the family room area, 12-foot-square pocket-glass doors open onto a 4,000-square-foot paver terrace. The yard is immaculately landscaped. Upstairs, two guest suites and a junior master bedroom join a workout room.
“Italian-inspired touches adorn both the kitchen and dining room, which respectively feature barrel ceilings with red brick veneer and Venetian palster meant to look like copper — elements that lighten both rooms,” according to the official property listing.
The master suite offers Lake Tahoe views and a granite fireplace.
The listing agents are Mary Kleingartner and Ryan Mitchell of Compass.
Home prices in Incline Village and Crystal Bay are hitting record highs. The north shore towns have the highest median home prices of anywhere in Tahoe, with prices reaching a new record high of $2.55 million in July 2021, according to Compass’s latest market report based on sales reported to the MLS.
The average number of days on the market in Incline Village and Crystal Bay is 54 days, compared to 185 days in July 2020 and 106 days in June 2019, according to Compass.
“Not only are Tahoe home prices soaring, but they are selling faster than before, and the pandemic plays an important role in that,” said Libby Leffler, president of Compass Northern California, in a statement. “With the broader shift to remote and hybrid work during the pandemic, people realized that they no longer needed to live as close to their workplace and relocated to Tahoe, creating unprecedented housing demand. Additionally, as the stock market reached record highs, many investors saw their wealth dramatically increase, further driving demand and prices in the Tahoe region.”
Meanwhile, the median price for condominiums in Incline Village and Crystal Bay topped $1 million for the first time, according to Compass. That’s more than double the price of two years ago, when median condo prices were $500,000 in July 2019.
In Stateline, Nevada, the Tahoe Beach Club announced in an email Wednesday the highest sale price of a condo on record for Lake Tahoe.
The five-bedroom, six-bath, 3,970-square-foot condo — located at 17 Beach Club Drive, No. 211 — just sold for $6 million. The buyer is from the Las Vegas area, according to a representative with Tahoe Beach Club.
This story was originally published August 18, 2021 at 11:19 AM.
