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Steve Wynn Property on Lake Tahoe Sells for Record-Breaking $62 Million
Another 'Wynn:' a stunning property on the waterfront of Lake Tahoe built by Steve Wynn has sold for a record price of $62 million, the costliest private property sale in the history of Lake Tahoe. The 13,000 sq. feet home features a main suite and three ensuite rooms along with an office, a movie room, a gourmet kitchen, an outdoor pool, and so much more.
In a groundbreaking transaction for Lake Tahoe's luxury real estate market, an estate on the waterfront once owned by casino mogul Steve Wynn has been sold for a record $62 million. Located at 1041 Lakeshore Boulevard in Incline Village, Nevada, the sale marks the most expensive private home transaction in the history of Lake Tahoe, setting a new benchmark for exclusive properties in the area.
The estate, known as the Old Forge Wynn Estate, was designed and built by Wynn himself in 1994. It boasts 210 feet of private sandy beach along the shores of Lake Tahoe, with five acres of secluded woodland offering unmatched privacy. The property's record-breaking sale reflects the ongoing demand for high-end real estate in this scenic location, driven by wealthy buyers seeking privacy, exclusivity, and stunning natural surroundings.
A grand legacy: the Wynn estate
The main residence of the nearly 13,000-square-foot estate offers breathtaking, unobstructed views of Lake Tahoe. The expansive home includes a main suite and three ensuite bedrooms, gourmet kitchen, an office, a gym, a movie room, and a spacious outdoor pool. Each bedroom provides panoramic views of the lake, and the exterior features a deep-water pier, two buoys, and a jet ski platform to accommodate lake activities.
Additionally, the estate includes a 1,500-square-foot guest house with three bedrooms and three bathrooms. The sprawling property offers the perfect blend of luxury and tranquility, combining opulence with a serene, natural backdrop.
Wynn's influence still felt
Though the current sellers, Nora Lacey, founder of Cell Marque, the biotech firm, and her husband, Dr. Michael Lacey, bought the estate for $31.1 million in 2017, much of Steve Wynn's original design remains intact. According to listing agent Christine Perry from Christie's International Real Estate, the couple invested approximately $5 million for upgrades but preserved many of Wynn's stylistic touches.
The great room, for example, still showcases Wynn's signature red drapes and elegant furnishings reminiscent of the lounges and suites at his famous Wynn and Encore casinos in Las Vegas. Even the beach chairs at the estate appear to have been inspired by the lavish design of Wynn's Encore Beach Club.
A market for the elite
Lake Tahoe's luxury real estate market has continued to attract high-profile buyers, even as the broader housing market has stabilized following the pandemic. While the pandemic spurred a housing boom in the area, particularly for Californians seeking properties in Nevada, which is tax-friendly, interest in top-tier properties remains strong. Tech billionaires and high-net-worth individuals, including Larry Ellison, the founder of Oracle, have been investing heavily in the northeastern shores of Lake Tahoe, fueling ongoing demand for exclusive estates like the Wynn property.
"This generational home rarely comes on the market, and the discerning buyer recognizes the unparalleled value of such an extraordinary property," said Perry. "This transaction marks a significant moment in Lake Tahoe's luxury real estate landscape, setting a new benchmark for exclusive estates in the region."
The identity of the new buyers has not been disclosed, and Washoe County property records have yet to reflect the $62 million sale. However, Perry confirmed that the deal was finalized on October 11, marking a historic moment for Lake Tahoe's luxury property market.
A property with a storied past
Steve Wynn originally acquired the land for the Old Forge estate in September 1993 for $6.5 million, and he completed the construction of the lakefront home in 1994, a year after opening Treasure Island on the Las Vegas Strip. Wynn frequently used the estate as a personal retreat to escape the high-energy environment of Southern Nevada. However, in July 1998, he sold the property for $17 million to attorney Paul Bible.
Bible, who had worked at Harrah's Lake Tahoe parking during his summers at the University of Nevada, eventually became chairman of the Nevada Gaming Commission from 1983 to 1987. After holding on to the property for nearly two decades, Bible sold it to the Laceys in 2017.
As of this year, the property taxes for the estate stand at $234,198, reflecting the immense value and investment involved in owning one of Lake Tahoe's premier estates.
