Luxury home market decline affects listings in Lake Tahoe
By Morgan Brennan, Forbes
Home prices around the country have taken another round of beatings lately, with national home values having dropped more than 30 percent now from the 2006 peak. The ultra luxury end of housing has felt those price plunges too, with multi-million dollar homes cutting prices by the millions. One Lake Tahoe estate is even shaving $25 million off its asking price.
Tranquility estate, owned by Tommy Hilfiger co-founder Joel Horowitz, first hit the sale block in 2006. The asking price? A hefty $100 million, crowning it one of the most expensive for sale properties on the U.S. market. Nearly five years later, with no billionaire takers coming to the closing table, the former CEO is finally slashing that nine figure price tag by 25 percent. It’s now asking $75 million.
“He wanted to get in line with what has happened in the real estate market,” says Sue Lowe, a Chase International agent who represents the property alongside Chase International CEO, Shari Chase. “He’s eager to sell it and he knows that due to the economy, prices have come down and he has to match it.”
The estate grounds, once briefly owned by entertainer Wayne Newton, were bought by Horowitz and his wife in 1997. They set to work constructing a luxury home owners’ fantasy on the blank land. The result is an opulent 20,000 square foot mansion overlooking Lake Tahoe from 210 acres.
Wayne Newton left town because of the trpa and his Arabian horse ranch he wanted in the meadow NEXT TO Nevada beach across from the church,plus they fined him for noise his DC9 jet made on take off at our thriving airport,His was no dummy to hang in Tahoe.He saw the writing on the wall.
This is great that some other greedy guy bought it can’t unload it .
Nobody feels sorry for billionaires losing cash they probably got from a Christmas bonus when the market crashed and we paid them with borrowed money from China.
Awwww, poor wealthy elite. Take out a loan using your Renoir collection as collateral. Should get you through these difficult times. Just buy one or two less horses next breeding season. Just don’t sell the house at Lake Como.
Wow! Two of the most clear cases of class envy I’ve seen in a long time. Do you two know each other?
Nobody feels sorry for billionaires losing cash they probably got from a Christmas bonus when the market crashed and we paid them with borrowed money from China.
Probably not true but funny nonetheless. ;)
People at the top, lose 25% on one of their multimillion dollar houses.
People at the bottom, lose their house, ability to go to college, and ability to pay medical bills.
It isn’t envy.
NO….BUT WITH MANY YEARS OF BLOGGING I THINK BONGO PART THE OTHER PAPER.
KAE ,SUSAN , might been around when the other paper closed it’s comment section like now, because too much truth was coming out from the insides.
I do remember blogging that the convention center before a shovel was ever took for that other paper, that it was a big mistake and it end up biting their own a@Z!
They did close the comment section for quite some time,Think Dog was around then,Bongo was probably being born.
And Dan it’s true about Wayne,I knew him from the Harrah’s stage crew. There Was some damn good entertainment in those days with the rat pack,sonny,Cher, Sammy,lawrence ,Merl Haggard, allot use to tell me some real wild truthful things about secrets they kept, plus they needed some weed to relax with their wardrobe personal…frank always needed his garlic bread,no kidding.
Sam the stage manager be pulling his hair out drinking 40 cups of coffee.
Old,Gold, is good.
Like me, agree or disagree or just say nothing about my alter ego The Skibum and my articles that have been exposing and telling the truth for 17 years. Almost all of the comments about what has been happening I have written about over the years and exposed the truth behind most of the doings that go on here. Most, if not all, readers don’t like the way I write but behind all the opinions is the truth. Most of the questions asked about what actually happened with the redevelopment I have talked about in the past. I used to laff because I was the most non-read read article in town. We need these blogs to expose all the behind the door deals and I sure hope the Trib brings it back and Kae continues although most blogging eventually turns personal it is interesting stuff.
I think I know what clear is say, not really. It doesn’t really matter how old someone is or how long they have been around. So long as they can convey their ideas clearly. I like a challenge and found it entertaining.
There needs to be some public forum for S. Lake, for the exact reasons Skibum laid out. Also there is a nasty rumor mill in this town and a lot of people spreading misinformation. There needs to be a place where those people can be called out.
Anyway someone get me a tiny violin for the person who owns that $75M property so I can play them a sad song.