Lake Tahoe Estate Built by Steve Wynn Sells for Jaw-Dropping Price

Posted on: October 14, 2024, 01:30h. 

Last updated on: October 14, 2024, 01:36h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

A Lake Tahoe waterfront estate with 210 feet of private sandy beach and five acres of secluded woodlands has sold for a record price.

Lake Tahoe Steve Wynn estate Nevada
Built by Steve Wynn, this Lake Tahoe lakefront estate has sold for a record $62 million. The purchase is the most expensive private home sale in Lake Tahoe’s history. (Image: Christie’s International Real Estate Sereno)

Envisioned and built by casino tycoon Steve Wynn, the property at 1041 Lakeshore Blvd. in Incline Village, Nev., sold this month for a staggering $62 million. The selling price marks a new all-time high for a residential property on Lake Tahoe.

Known around town as the Old Forge Wynn Estate, the nearly 13K-square-foot primary home features unobstructed views of Lake Tahoe. The main house has a primary suite and three ensuite bedrooms, each with lake views, an office, a gourmet kitchen, a movie room, a gym, an expansive outdoor pool, a deep water pier, a jet ski platform, and two buoys.

A separate guest house has an additional 1,500 square feet of living space with three bedrooms and three baths.

Wynn Influence Remains

While local realtors say Lake Tahoe real estate has stabilized after the area saw a housing boom during the COVID-19 pandemic with many Californians seeking new digs in tax-friendly Nevada, the luxury home market remains on fire. Prices for exclusive real estate continue to soar, as tech billionaires from the Bay Area keep investing heavily along Lake Tahoe’s northeastern side, including Oracle founder Larry Ellison.

This generational home rarely comes on the market, and the discerning buyer recognizes the unparalleled value of such an extraordinary property,” said listing agent Christine Perry of Christie’s International Real Estate Sereno. “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 sellers of Wynn’s Old Forge were Nora Lacey, the founder of biotech firm Cell Marque, and her husband, Dr. Michael Lacey, a pathologist. They bought the property in June 2017 for $31.1 million. Perry says the couple put about $5 million into upgrades but retained much of Wynn’s interior design.

The house’s property listing included numerous photos displaying Wynn’s lingering influence.

The great room features Wynn’s iconic red drapes and seating resembling Wynn and Encore’s casino lounges and hotel guestrooms. The beach chairs were seemingly lifted from the Encore Beach Club.

The buyers have remained anonymous. Washoe County property records don’t yet show the $62 million purchase, but Perry says the deal closed on October 11.

Lake Tahoe Steve Wynn estate Nevada
(Image: Christie’s International Real Estate Sereno)

House Ownership 

Wynn built Old Forge in 1994, a year after he opened Treasure Island on the Las Vegas Strip. He acquired the land where the estate sits for $6.5 million in September 1993.

Wynn frequented his Lake Tahoe pad to escape the hustle and bustle of Southern Nevada. He sold the lakefront property in July 1998 to Paul Bible, an attorney, for $17 million. Bible held on to the property until selling it to the Laceys.

During the summers while studying at the University of Nevada, Reno, Bible worked at Harrah’s Lake Tahoe parking. He’d go on to become chair of the Nevada Gaming Commission, serving a four-year stint between 1983 through 1987.

1041 Lakeshore Blvd.’s property taxes for this year are $234,198.

Lake Tahoe Steve Wynn estate Nevada
(Image: Christie’s International Real Estate Sereno)