Steve Wynn $76M Lake Tahoe Estate

A Lake Tahoe estate originally constructed by the casino magnate Steve Wynn is now being listed for sale at a staggering $76 million. If it achieves a price close to this figure, it will set a record for the Lake Tahoe region, as stated by the listing agent, Christine Perry, from Christie’s International Real Estate Sereno.

The history of this estate is quite intriguing. Steve Wynn procured the land in 1993 for a sum of $6.5 million and proceeded to build the residence. Property records confirm that he later sold it for million in 1998. The current owners of this lakefront property are Nora Lacey, the founder of the biotech firm Cell Marque, and her husband, Dr. Michael Lacey, who is a pathologist. The Lacey couple acquired the Incline Village property for million in 2017, according to Michael Lacey.

Situated on Lakeshore Boulevard, this 5-acre property is recognized as “Old Forge” and is affectionately referred to as Lake Tahoe’s equivalent of “Billionaires’ Row.” Notable homeowners along this prestigious lakeside stretch encompass former junk-bond tycoon Michael Milken and the tech billionaire Larry Ellison. A notable trend among the super-wealthy in this region has been the replacement of older homes with more expansive and contemporary residences.

As Christine Perry aptly puts it, “You’ve got billionaires to the left of you and billionaires to the right.” The Laceys have invested approximately $5 million in enhancing the property, including upgrades to the patios and a reconfiguration of some leisure spaces. Their modifications have seen the gym transformed into a game room and the conversion of a steam room into a bar, a change that has evidently increased their enjoyment of the estate.

Dr. Michael Lacey revealed that the decision to sell the property stems from their desire to downsize their real estate holdings. The couple already possesses residences in Los Altos, California, and Newcastle, California, where they maintain an orchard. Dr. Lacey explained that he prefers the agricultural activities at their orchard over spending time on the water in Tahoe, where he finds the sun to be overly intense. He humorously remarked, “Three [properties] is one too many, and we had to decide which one to get rid of.”

Christine Perry noted the considerable surge in property prices within the Lake Tahoe region in recent years. While the deal volume may have slightly subsided from the heights of 2021, prices have remained notably high, especially for properties situated in prime locations. Perry stated that on Lakeshore Boulevard, the majority of available properties have already been acquired, leaving very few parcels for potential development.