fbpx

Tech Billionaires are Driving up Property Prices Around Lake Tahoe

31.07.22

Slashdot has been covering tech wealth's transformation of the California and Nevada communities around America's sixth-largest lake.

This week Forbes reported that even though it's 230 miles from Silicon Valley, a waterside property in Lake Tahoe was listed for $100 million, more owners are listing their luxury pads at exorbitant prices, with more than 30% of the region's new buyers from the tech industry, many locals are fleeing the area because of high prices.

Record-breaking real estate acquisitions of lakefront property in Tahoe City on the California side and Incline Village on the Nevada side have been driven by tech billionaires from nearby Silicon Valley. Once Mark Zuckerberg purchased his massive lakefront estate in 2018 for $59 million, Google, Apple, and other tech execs followed, with over 30% of new buyers being from the tech industry.

Recently billionaire Larry Ellison purchased the 16-acre waterfront Hyatt resort in the Incline Village area for $345 million. It is rumoured this will ultimately become a new Sensei Resort. Ellison also purchased the famed Cal Neva Lodge on the North Shore for $36 million despite much-delayed plans to convert it into a Nobu Hotel. Ellison reportedly owns a 7.6-acre compound in the area within walking distance to his new hotels. And another California investor purchased the Tahoe Biltmore Hotel for $56 million in the popular Crystal Bay area and plans to convert it into the Lake Tahoe Luxury Resort and Residences.

President of Tahoe Luxury Properties, Bill Dietz comments; "Due to the proximity of the wealth-laden Silicon Valley, Lake Tahoe is a convenient target for billionaires. The lenient tax climate and sand beaches of the Nevada side provide a distinct draw to that side of the lake for the super-rich. Incline Village and Crystal Bay on the north shore of the NV side showcases some of the most expensive and elaborate estates anywhere in the world. Millionaire row becomes billionaire row on Lakeshore Blvd in Incline Village."

Abode Affiliates

  • Alleyne Real Estate
  • Blevins Franks
  • Coldwell Banker
  • Crane Resorts
  • Monaco Real Estates
  • RDO
  • St Francis Links
  • Unique Home Stays
  • Yoo
  • Worldwide Dream Villas
  • Enigma Yachts Limited
  • Cornerstone Tax Advisors
  • Pedini London
  • Alexander James
  • Moore Stephen
  • Ibiza Transit Express
  • Oyster Yachts
  • Jumeirah
  • Wall Street Luxury
  • Heron Real Estate
  • Edenhurst
  • MG&AG
  • Gama Property
  • Touch Design Group
  • St Edward
  • Ultra Villa
  • Luxury Italian Living
  • Habitat First Group
  • BDO
  • 7Storeys
  • Worldwide Property
  • Dimora
  • Dominic McKenzie Architects
  • Harry Manning
  • Smart Living
  • Isle Blue
  • MAS Marbella
  • Millgate
  • Jersey Finance
  • guernsey-relocations-logo
  • viberts-logo
  • kpmg-logo
  • author-interiors
  • Wilkinson Beven
  • BoConcept
  • Ante Vrban
  • Deborah Garth
  • You home
  • Ra Shaw Designs
  • Caudwell Collection
  • accanto-interiors
  • Fritz Hansen
  • capital-rise
  • jarrods-staircase
  • neil-davies-logo
  • Tina Shone Group
  • Taplow riverside
  • Aimo
  • ns-ceramics-logo
  • Rusk
  • Consilium Expert Group
  • Ben Krupinski Builder
  • Swoffers
  • Guernsey Relocation Services
  • Douglas Graneto
  • Strutt & Parker
  • wilsons
  • MJC Associates
  • plainspace
  • Fine & Country
  • Bramble Ski
  • Penthouse queen
  • Sarco_Affiliate_Logo
  • taylor wimpey
  • cooper-gardner
  • M Design Architects
  • codan
  • Lovells
  • London DE
  • HELENA JORNET FINQUES
  • Prime Lands Group
  • Bellegarde Estates
  • Sinclair
  • Pippa Paton
  • Ecole d'Humanite
  • Benedek Lewin
  • Inspired Villages
  • Huelin Homes
  • Gaudin
  • Lovells Property
  • Racecourse Lodge Logo
  • Paseo
  • Lemay + Escobar
  • Octagon
  • Locate Isle of Man
  • Newlands of Stow
  • Hawksford
  • Holdun
  • St George's International School
  • Schule Schloss Salem
  • AR Architecture
  • lazaro
  • Sella Concept
  • Blakstad
  • SAREG
  • miller interior
  • Harrow
  • Pearson
  • Wealth Club
  • Yellow House Architects
  • Designer Touches
  • Zafiro
  • Nicole Murray
  • Scout Boats
  • Emerson Insinkerator

Enter your dream destination