A buyer from the Bay Area has acquired a lakefront estate built by casino mogul Steve Wynn in Lake Tahoe for a record $62 million — $14 million less than its asking price
The unidentified buyer purchased the 12,700-square-foot mansion known as Old Forge at 1041 Lakeshore Boulevard in Incline Village, Nevada, the Wall Street Journal reported.
The sellers were Nora Lacey, founder of Cell Marque, a biotech firm, and her husband, Dr. Michael Lacey, a pathologist. They listed the property in September last year for $76 million.
The $62 million sale shattered the Lake Tahoe record of $50 million paid for Thunderbird Lodge, once the estate of George Whittell Jr., in 1998. Developer Del Webb was the buyer.
Broker Christine Perry of Christie’s International Real Estate Sereno held the listing for Old Forge.
The Laceys bought the 5-acre estate in 2017 for $31 million, then spent $5 million on renovations. Wynn, who bought the land in 1993 and built the mansion, sold it in 1998 for $17 million.
The property has 210 feet of sandy private beach, a deep-water pier, boat hoist, jet ski platform and two buoys.
The four-bedroom main house has a primary suite with lake views, three en-suite bedrooms, a fitness and massage room, gourmet kitchen, media room, game room, wine room and a living room that unfolds into a 5,000-square-foot outdoor living space.
The estate also has a three-bedroom guest house.
Old Forge is located on sought-after Lakeshore Boulevard, which includes residences for such homeowners as billionaire Larry Ellison.
Since a pandemic boom peaked in 2021, Lake Tahoe real estate prices have stabilized, Perry said. But wealthy buyers are still drawn to tax-friendly Nevada. In August, a home on Lake Tahoe sold to an undisclosed buyer for $47.5 million.
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Others say the getaway favorite for Bay Area residents, who flock to its mountain towns for skiing, hiking and summer days on its famously blue waters, has never been more popular.
The Bay Area’s wealth boom is supercharging the luxury real estate market in Lake Tahoe, Forbes reports. Buyers want lakefront trophy properties and are propelling a new wave of development with grand visions for reimagined historic resorts and casinos.
— Dana Bartholomew