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Record $60 million Tahoe home still on market as Incline Village housing sets new highs

Jason Hidalgo | Reno Gazette Journal

Lake Tahoe homes are not only selling for higher prices but are also selling much faster.

Got an extra $60 million lying around?

A lakefront Tahoe mansion that was first listed for a record-breaking price in July is still available, one of the latest additions to a housing market that continues to set new highs for home prices.

Built in 2012 and inspired by the Ahwanee Hotel in Yosemite National Park, the “Nagi Tanka” mansion — which means “great spirit” in Lakota — is located at 575 Lakeshore Boulevard at Lake Tahoe’s Incline Village. The 5-acre property boasts a 12,679-square-foot home with 39-foot alder ceilings as well as a 3,800-square-foot guest house with four bedrooms. 

ICYMI: Incline Village median home price triples as Tahoe luxury real estate takes off

If sold, the property will break the record of $48 million for a Lake Tahoe property, set back in 2013 by 550 Sierra Sunset in Zephyr Cove. In comparison, Facebook co-founder and CEO Mark Zuckerberg paid $37 million and $22 million each for two Lake Tahoe properties in 2019. Another fellow tech multibillionaire, Oracle co-founder Larry Ellison, bought four Lake Tahoe properties worth between $15 million to $20 million each, which he then demolished to build his new home.

While high prices are typically the norm for Lake Tahoe real estate, the area is seeing even higher home values in recent years. Incline Village and Crystal Bay, in particular, have posted the highest median home sale prices around Tahoe, including a record-breaking $2.55 million median in July.

The median price for condominiums in the Incline Village-Crystal Bay market also surpassed $1 million for the first time during the same month. The number is double the median sales price for condos from just two years ago, which was $500,000 in July 2019. 

One important thing to note is that Tahoe housing numbers are more susceptible to large swings due to the smaller sample size when compared to typical markets.