Waterfront Lake Tahoe estate sells for whopping $27.5M, setting record
A 12,660-square-foot, nine bedroom estate on the California side of Lake Tahoe set a new record late last month when it sold for $27.5 million, according to the company that handled the sale.
According to a release issued by full-service real estate company Tahoe Luxury Properties, the sale of the massive located at 2020 West Lake Boulevard in Tahoe City is the first lakefront property on the California side of the lake to surpass $20 million in over two-and-a-half years.
"This sale represents not only a milestone transaction in the Lake Tahoe market but also highlights the continued demand for premier lakefront properties in one of the most sought-after regions in the U.S.," Bill Dietz, principal broker at Tahoe Luxury Properties, said in the release.
The estate is situated on 1.7 acre parcel with 130 feet of lake frontage. In addition to nine bedrooms, the home has eight full baths and two half baths and a 22-meter indoor lap pool. Exterior amenities include a private deep-water pier with boat lift and a custom-designed in-ground spa.
According to Tahoe Luxury Properties, the sale marks another sign of the Tahoe area luxury market's "robust recovery."
The release stated that over the past year, median prices in the region stabilized near peak levels reached after a surge during the pandemic, "with the lakefront market experiencing a dramatic 67% year-over-year increase in sales volume." Two other recent transactions for estates on the Nevada side included a record $62 million sale in October of a gated home known as "Old Forge" that had been built by casino mogul Steve Wynn and a $33.5 million estate that sold in December.
Tahoe Luxury Properties said this latest transaction closed with an accelerated escrow just 14 days after going into contract.
