Lake Tahoe estate listed at $60M goes into contract

Lakefront property on 5.3 acres is likely to set a new record for the area

San Francisco /
Nov.November 16, 2021 10:30 AM
The estate, “Nagi Tanka” is located at 575 Lakeshore Boulevard in Incline Village, Nevada (Peter Tye/2View.com)

A Lake Tahoe estate listed for $60 million went into contract and will likely set a sales record for the area when the final price is revealed.

The 5.3-acre Incline Village estate, with 313 feet of lakefront property, came to market in July, but went into contract on November 8, just weeks after a “bomb cyclone” blew through. The buyers were clearly not deterred by the Category 5 atmospheric river that swept through the area; the increasingly rare early blanket of snow it brought to the ski resort region may have even made the already popular area that much more enticing.

Given that the home has been on the market for less than six months, it’s likely it will close within $12 million of its asking price, thus breaking a record for the area that had been held by a $48 million sale in the Zephyr Cove community since 2013.

No other listing has come close to the asking price, though a 24-acre property that stood in for the Ponderosa Ranch on the long-running series “Bonanza” asked $47 million in 2017. It ultimately sold for $38 million after a few years off and on the market.

The Incline Village property previously sold for $11,800,000 in 2010 and two years later the owners had built a nearly 13,000-square-foot mansion they dubbed “Nagi Tanka,” which is Lakota for “Great Spirit.”

Design inspiration came from Yosemite’s Ahwahnee Hotel; the great room has 39-foot-high ceilings adorned in alder wood, as well as panoramic lake views, and the bar area is centered around a 10-foot section of a walnut tree. There are also lake views at the 3,800-square-foot guest house, which is close to the shared pier with boat lift.

The 3,800-square-foot guest house

The insatiable appetite for homes in this area on the Nevada side of Lake Tahoe seem to be following the mountain-high sales of other in-demand ski resort towns. In May, another lakefront Incline Village home sold for $22 million. In October 2021, the median listing home price in Incline Village was $1.7M, according to Realtor.com, which represents a nearly 80% year-over-year increase.





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