With luxury sales on the rise in Lake Tahoe, Oracle co-founder Larry Ellison has decided to list his 2.6 acre compound with Jennie Fairchild of Chase International Real Estate for $28.5 million.
Mr. Ellison has been developing the lakefront property, located in Glenbrook, NV, since 2006, during which time he has acquired three adjoining parcels. But it’s not because the wealthy magnate wants out of the area that he’s listed the home, rather Mr. Ellison will soon finish construction on another waterfront compound on 7.6 acres in nearby Incline Village.
The Glenbrook estate, which enjoys 230 feet of lake frontage, is situated on the east shore of Lake Tahoe. The stunning 9,242 square-foot main home, designed by Olson & Olson Architects, epitomizes modern luxury with a state-of-the-art home theatre, sauna, and billiard room. An elegant master suite boasts the finest amenities to satisfy any homeowner, including two bathrooms with handcrafted Japanese soaking tubs.
The exterior of the property is highlighted by a white-sand beach, two docks, and a hot tub overlooking the lake and mountains beyond. An idyllic landscape with panoramic views, it’s no wonder tech-industry professionals from Silicon Valley are flocking to Lake Tahoe.
The Lake Tahoe real estate market has experienced an exceptional first quarter this year, indicating a renewed confidence among second home buyers. Particularly the Nevada side of the lake, which shares a border with California, has seen an influx of activity since the passing of Proposition 30 in California. The proposition significantly raised income tax in the Golden State, making Nevada’s zero income tax all the more attractive. A recent Wall Street Journal article observes this trend and its effect on the Lake Tahoe market.