As a longtime Lake Tahoe resident, I have experienced dramatic changes every year to one of my favorite places in the world. This gorgeous mountain lake located in the Sierra Nevada Mountains, anchoring California and Nevada, is continuing to develop at a steady pace.
Record-breaking real estate acquisitions continue despite significant drops in prices for lakefront property on the California side and Incline Village on the Nevada side driven by tech billionaires from nearby Silicon Valley. Once Mark Zuckerberg purchased his massive lakefront property, numerous tech execs followed, with over 30% of new buyers being from the tech industry.
While new buyers are entering the market, old money is departing the area, taking advantage of the huge investment returns. Billionaire Larry Ellison recently abandoned his Nobu Hotel and Sensei Hotel development plans and also sold his large Glenbrook estate for $20 million.
Mark Zuckerberg Expands Compound in Tahoe City
In 2018, Meta Billionaire Mark Zuckerberg bought two adjacent estates on the west shore of Lake Tahoe for a total of $59 million. The tech titan is currently in the middle of a massive property renovation, having demolished both estates to create a seven-building compound.
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Zuckerberg first bought the iconic Carousel Estate in Tahoe City in 2018 for $22 million. Soon after, he acquired the historic Brushwood Estate next door for $37 million. The purchase brought his holdings to 10 acres of land and 600 feet of prime lakefront. The Carousel property has been removed as part of the new build.
The new plans for the compound include a 20,000-square-foot, 35-foot-tall main residence with a timber and glass facade. Other approved construction from the county consists of a new bunkhouse, a gym, a gatehouse, multiple guesthouses, and offices. Plans also reveal nature trails, bridges, stone walkways, and bear-resistant trash sites, for a total of 75,000 square feet of development.
Larry Ellison sells Cal Neva Lodge and abandons Nobu Hotel plans
McWhinney, a Denver-based real estate investment company, recently acquired the famed Cal Neva Lodge property from Oracle billionaire Larry Ellison. The new buyer revealed plans to turn the historic site into a Proper Hotel, a luxury boutique chain with locations in San Francisco, Los Angeles, and Austin, in partnership with the Kor Group.
The new Proper Hotel will include a spa & fitness center, pool, cabins, pickleball courts, a renovated theater, and 216 hotel rooms. 52 rooms will be custom Villas. There will be a total of 11 structures with 38 units, along with 164 rooms in the main hotel tower.
Originally built in 1926, development plans reveal they will keep the original Native American Room and the Frank Sinatra Showroom. They will retrofit the theater to bring back entertainment. Designer Kelly Wearstler is creating the interiors which will include refinished weaved wooden interiors.
I spoke with developer Chad McWhinney CEO, Chairman & Co-Founder McWhinney, "In early 2023, when we heard the Cal Neva was going to be for sale, we knew this iconic property was the perfect fit for McWhinney. We viewed it as a once in a lifetime opportunity to become part of an incredibly special piece of Lake Tahoe history. At McWhinney, our singular focus is creating places people love. That's the fabric of what we do and how we approach each property and project. We are not cookie-cutter developers.
“We recognize that for Cal Neva to be successful, the local community has to be excited about it and embrace it,” he added. “That's why over the past year we've worked so hard to engage with the community, listen to their memories and stories, and integrate their ideas into our revitalization plan. Some initial historic preservation, structural repair, environmental remediation and other site work is already underway. We are hoping to reopen the Cal Neva in 2026 on its 100th anniversary."
The new Cal Neva property will have five culinary options, including a gourmet formal restaurant, and will work with local chefs to curate the menus. They will also bring back the casino, but it will not become a casino hotel.
Other projects around the Lake, which have sparked some debate, include a large development in the Kings Beach area. 39° North, a unique mixed-use project located on the north shore of Lake Tahoe, will consist of a 179-room hotel offering a mix of 38 for-sale townhomes.
Across the street from the Cal Neva, another developer has ambitious plans. They intend to demolish the Tahoe Biltmore and create a 15-acre Waldorf Astoria property with 76 Guestrooms and 61 Branded Residences, slated to open in 2028 despite heavy delays.
Billionaire Real Estate Listings
While the market is indeed booming, with numerous new estates hitting the market, prices are dropping from the last two years, when lakefront listings first appealed to tech investors from the San Francisco Bay Area. Here are the top listings currently on the market including a large property next door to Mark Zuckerberg.
Christine Perry with Tahoe Luxury Lakefronts, who has the listing for the massive Steve Wynn estate says, "Lake Tahoe continues to be a prime location for luxury real estate, attracting high-net-worth individuals from all over. The limited availability of lakefront properties creates a stable and secure investment, making it a sought-after market with enduring appeal. All change is hard, but Lake Tahoe deserves an upgrade to some classic old resorts!"
Bill Dietz with Tahoe Luxury Properties says, "Tahoe is poised for a renaissance, with several resort and hotel properties set for redevelopment. In Crystal Bay, NV, the historic but long-neglected Cal Neva and Tahoe Biltmore now have new owners with ambitious plans. The Cal Neva project is expected to lead as the newest luxury resort on the North Shore, while the Biltmore's transformation into a Waldorf Astoria is currently hindered by financing challenges due to a recent increase in debt costs."
"Rumors swirl around a planned renovation of lakeside amenities at the Hyatt Regency property in Incline Village, including its popular Lone Eagle restaurant," he adds. "Anticipate a ripple effect on surrounding residential real estate once these projects break ground, although the already premium lakefront properties in Incline Village may not climb much higher in price. Notably, recent acquisitions of legacy lakefront estates have reignited interest in Tahoe's shores, where only a handful of such properties exist."
More development is planned in the area, "On the West Shore, Homewood Mountain Resort is at the center of an ambitious and somewhat controversial redevelopment plan led by Discovery Land Company and JMA Ventures, "says Dietz. "It will be a long road for this project, as the development environment in the Tahoe Basin is heavily regulated."
1041 Lakeshore Blvd. Incline Village ($68.9 million)
The former Old Forge Estate, previously owned by billionaire Steve Wynn, is gated and sprawls across 5 acres. The property boasts 210 feet of privately owned sandy beach, complete with a deep-water pier, boat hoist, jet ski platform, and two buoys. The main residence is 12,661 square feet with a grand primary suite, three en-suite bedrooms with lake views, and a separate office. There is also a gourmet kitchen, media room, game room with a partial kitchen, wine room, and a spectacular great room that opens onto an expansive outdoor patio. There is also a three-bed/bath guest house.
859 Lakeshore Blvd. Incline Village ($50 million)
Jeffrey Berns, the founder of Reno-based Blockchains, owns this Incline Village estate on a sprawling 1.4-acre waterfront parcel with 150 feet of lakefrontage, a shared deep water pier, a boat lift, and a buoy. The grounds are level with the lake and a large backyard. The 12,000 square foot floor estate includes a great room with 35' beamed ceilings, a professionally equipped kitchen, home theater, a 1,200 bottle capacity wine cellar, an elevator, four bedroom suites with in-law quarters, a lakeside office, 2,500 square foot garage, backup generator, heated driveway, and private gated entrance.
300 State Route 28, Crystal Bay ($49.5 million)
Crystal Pointe estate is situated on over five acres with 525 feet of private shoreline directly on the lake. Water amenities include a pier with boat and jet ski lifts under construction and two buoys. The property includes a main residence and beach house, a caretaker's apartment, and a 4-car garage. Two glass funiculars provide single living access to the 16,232 sq. ft main residence and the beach house. There are eight bedrooms, offices, a gym, a 1,600-bottle wine cellar, a Hollywood-style 10-seat theater, 13 fireplaces, a private gated drive (heated), an entry pavilion, two elevators, zen gardens, ponds, and waterfalls.
1145 Vivian Lane, Incline Village ($49 million)
This gated estate at the end of a quiet residential road has an expansive soft sand beach, steel pier with lifts, multiple buoys and the elusive beachside cabana. The home features dense mountain logs with hand-picked locally mined stone. The six main bedrooms are supported by gracious living and dining rooms, family kitchen, two-bedroom guest apartment and a swimming pool with large scale doors that open to the lake.
8901 Rubicon Drive, Tahoma ($35 million)
This 4.29-acre property, with over 660 feet of shoreline, includes a main house, a bunk house/garage with an extra bedroom suite, and a separate guest house. The 3,848 sq. ft. main house includes six bedrooms and five baths. The mid-century design property includes a great room with an indoor stone fireplace, dining area, and floor-to-ceiling lake view windows, opening to the stone terrace with dining areas and an outdoor stone fireplace. Next to the house is a bunk room and an additional 500 sf bedroom suite. There is also an 892 sq. ft. two-bedroom guest house, built in 1960, with an incredible lakeview deck and stairs down to the water.
1146 Highway 50, Glenbrook ($33.773 million)
Hidden Harbor Estate is a 3.45-acre lakefront compound directly on the water. This estate offers 230 feet of lakefrontage, complete with an expansive pier with an electronic boat lift, dual piers, and two permitted buoys with protective breakwater jetties. The large estate boasts covers 38,747 square feet total and offers five fully renovated and furnished cozy cabins, each offering direct waterfront access and breathtaking lake views.
2020 W. Lake Blvd. Tahoe City ($29.5 million )
You can be neighbors with Mark Zuckerberg when you move into the Shangri-La estate, which includes a 7 BD & 7.5 BA main house with a 22-meter indoor swimming pool. Also, a private deep-water pier and two buoys with 130’ of lake frontage. There is also a separate two bedroom & 1.5 bath guest house.
8217 Meeks Bay Ave. Tahoma ($28 million)
Rockhaven Estate is located on the south point of Meeks Bay. This stunning property offers 1.22 acres and boasts a 140-foot-deep water pier, two buoys, a sandy beach, and 300 feet of shoreline along the lake. With a gated entrance and surrounded by a lush landscape, the estate includes 15,000 square feet of living space with eight bedrooms, ten full bathrooms, and three half bathrooms in a grand main home and two attached guest houses.
