As a massive forest fire ripped through Lake Tahoe last year, there was talk that billionaire investor interest would cool down. However, quite the opposite is happening as real estate prices are surging through the roof with limited properties available. One massive lakefront property was recently listed for $100 million marking a new record, and more owners are listing their luxury pads at exorbitant prices.
As a longtime Lake Tahoe native, I have seen dramatic changes to this stunning mountain lake located in the Sierra Nevada Mountains. Many locals are fleeing the area because of high prices, making it impossible to survive, and yet the wealthy continue to make this their private playground.
Record-breaking real estate acquisitions of lakefront property in Tahoe City on the California side and Incline Village on the Nevada side have been driven by tech billionaires from nearby Silicon Valley. Once Mark Zuckerberg purchased his massive lakefront estate in 2018 for $59 million, Google, Apple, and other tech execs followed, with over 30% of new buyers being from the tech industry.
Recently billionaire Larry Ellison purchased the 16-acre waterfront Hyatt resort in the Incline Village area for $345 million. It is rumored this will ultimately become a new Sensei Resort. Ellison also purchased the famed Cal Neva Lodge on the North Shore for $36 million despite much-delayed plans to convert it into a Nobu Hotel. Ellison reportedly owns a 7.6-acre compound in the area within walking distance to his new hotels. And another California investor purchased the Tahoe Biltmore Hotel for $56 million in the popular Crystal Bay area and plans to convert it into the Lake Tahoe Luxury Resort and Residences. Keep an eye out for more hotel developments in the future to join Ritz-Carlton and the Nobu on the North Shore.
According to Bill Dietz, President of Tahoe Luxury Properties, “Due to the proximity of the wealth-laden Silicon Valley, Lake Tahoe is a convenient target for billionaires. Not only do the uber-wealthy target top-tier vacation properties in the area, but they also seek investment real estate like hotels, ski areas, and other recreation properties. Wealthy investors see a lot of long-term upside in Tahoe, and their investments provide a convenient excuse to spend time in a place they love.”
“The West Shore, in particular, has some of Tahoe’s most premier lakefront estates,” he says. “With large acreage estates and tall stands of old-growth trees, the elite can hide out and enjoy the calm waters the West Shore is known for. The West Shore is the old-money capital of Tahoe, known for classic yet understated and expansive estates.”
“The lenient tax climate and sand beaches of the Nevada side provide a distinct draw to that side of the lake for the super rich,” he adds. “Incline Village and Crystal Bay on the north shore of the NV side showcases some of the most expensive and elaborate estates anywhere in the world. Millionaire row becomes billionaire row on Lakeshore Blvd in Incline Village.”
Here is what is currently available for those wishing to join the Lake Tahoe billionaire club, including a stunning lakefront estate in the same neighborhood as Mark Zuckerberg.
300 State Highway 28, Crystal Bay ($64.5 million)
Builder Stuart Yount currently owns the Crystal Pointe estate. Built on a cliffside near Crystal Bay, the home has eight bedrooms, 11 bathrooms, and 13 fireplaces. The stunning mansion includes two new glass funiculars to get from the garage to the house, then to the beach house and the new private pier.
1192 & 1200 Highway 50, Glenbrook ($55 million)
Known as the Wovoka estate, it is owned by Christopher and Camille Bently, of Bently Heritage Distillery. The 8 BD, 11BA, 11,00 SF home on a 5-acre property in Glenbrook near Zephyr Cove includes seven structures, with the main house designed by famed architect Theodore Brown. There is a stone boat house, flat top jetty, and private pier. There is also a waterside studio apartment, a log-fashioned guest house with three bedrooms, and two matching log tree houses.
1186 Highway 50, Glenbrook ($48 million)
The Cedar Cove estate has 5 BD, 13BA, in 12,370 SF with 170 feet of lake frontage. There is a private deep-water pier with a boat lift, a breakwater jetty encasing a sandy cove, 2.49 pristine gated acres, two buoys, an indoor pool with a retractable ceiling, and over 13,000 square feet of living space with an adjacent guest house.
447 Lakeshore Blvd, Incline Village ($43.8 million)
This brand new 10,628 SF mansion positioned on an elevated hillside offers up 7 BD/9 BA with an indoor pool and movie theater.
2020 W. Lake Blvd. Tahoe City ($38.5 million )
You can be neighbors with Mark Zuckerberg when you move into the Shangri-La estate, which includes a 7 BD & 7.5 BA main house with a 22-meter indoor swimming pool. Also, a private deep-water pier and two buoys with 130’ of lake frontage. There is also a separate two bedroom & 1.5 bath guest house.
32 Crystal Drive, Crystal Bay ($31 million)
This French Chateau features hand-carved wood walls from France and offers 4 BD / 6 BA, in 9,000 SF, with a 16-seat theatre and two elevators. There is also a new funicular car to descend to your private dock with two boat lifts on 180 feet of lake frontage.
480 Gonowabie Rd. Crystal Bay ($28.85 million)
This brand new estate features 5,636 SF, with 5 BD / 7 BA, and 100’ of lake frontage with a private pier. A glass bridge connects the three structures.
8217 Meeks Bay Ave, South Lake Tahoe ($28 million)
The famed 15,000 SF Rockhaven estate has 8 BD/ 13 BA, with 300 feet of lakefront, including two buoys and a private 140-foot pier. There is a large gym and sauna, plus a theater room with a 160″ projector screen and two levels of seating.
740 West Lake Blvd, Tahoe City ($26 million)
The Greystone Manor has 9,974 SF, with 10 BD and 9 BA. There is a 1940’s main cabin, a lakeside bungalow with 50 feet of sandy shoreline, and a privately owned pier.
720 West Lake Blvd., Tahoe City ($25 Million)
The Belle Haven French country chateau is 7,208 SF, with 7BD and 7BA. All within a 5-bedroom main house, original 3-bedroom guest house, vintage pool house, lakeside pool, pier, two buoys, and 150 feet of lake frontage.