Date: October 14, 2024, 01:30h.
Last updated: October 14, 2024, 01:30h.
A Lake Tahoe waterfront estate with 210 feet of private sandy beach and five acres of secluded woodlands has been sold for a record price.
Designed and constructed by casino mogul Steve Wynn, the property at 1041 Lakeshore Blvd. in Incline Village, NV., was sold this month for a remarkable $62 million. This selling price sets a new record for residential properties in Lake Tahoe.
Commonly known as the Old Forge Wynn Estate, the main house, measuring nearly 13,000 square feet, offers unobstructed views of Lake Tahoe. It includes a primary suite and three ensuite bedrooms with lake views, an office, a gourmet kitchen, a movie room, a gym, a large outdoor pool, a deep water pier, a jet ski platform, and two buoys.
A separate guest house provides an additional 1,500 square feet of living space with three bedrooms and three baths.
Continued Wynn Legacy
Real estate experts in the area mention that the housing market in Lake Tahoe has stabilized following a boom during the COVID-19 pandemic when many Californians sought new homes in tax-friendly Nevada. Despite this, the luxury home market remains strong, with prices for exclusive real estate experiencing significant growth, as tech billionaires from the Bay Area continue to invest heavily in Lake Tahoe’s northeastern region, including Oracle founder Larry Ellison.
This exceptional property seldom comes onto the market, and discerning buyers understand the unique value of such a remarkable property,” stated listing agent Christine Perry of Christie’s International Real Estate Sereno. “This sale marks a significant moment in Lake Tahoe’s luxury real estate scene, establishing a new standard for exclusive estates in the area.
The sellers of Wynn’s Old Forge were Nora Lacey, founder of biotech company Cell Marque, and her husband, Dr. Michael Lacey, a pathologist. They purchased the property in June 2017 for $31.1 million. Perry mentions that the couple invested around $5 million in upgrades while retaining much of Wynn’s interior design.
The house’s property listing included several photos showcasing Wynn’s enduring influence.
The great room is adorned with Wynn’s signature red drapes and seating reminiscent of Wynn and Encore’s casino lounges and hotel guestrooms. The beach chairs appear to have been inspired by the Encore Beach Club.
The buyers have chosen to remain anonymous. Washoe County property records do not yet reflect the $62 million transaction, but Perry confirms that the deal was finalized on Oct. 11.
Property History
Old Forge was constructed by Wynn in 1994, a year after the opening of Treasure Island on the Las Vegas Strip. He acquired the land for the estate for $6.5 million in September 1993.
Wynn frequently visited his Lake Tahoe property to escape the busy atmosphere of Southern Nevada. He sold the lakefront estate in July 1998 to Paul Bible, an attorney, for $17 million. Bible held onto the property until selling it to the Laceys.
During his summers at the University of Nevada, Reno, Bible worked as a parking attendant at Harrah’s Lake Tahoe. He later became chair of the Nevada Gaming Commission, serving a four-year term from 1983 to 1987.
The property taxes for 1041 Lakeshore Blvd. this year amount to $234,198.
