BrokerageIndustry News

Ultra-high-end home has motivated seller

Asking price for 210-acre Lake Tahoe estate slashed to $75 million
Published on Jun 8, 2011

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by CareyBot

In the rarefied air of ultra-high-end real estate, a 25 percent price reduction can translate into a breathtaking sum: $25 million.

That's how much Tommy Hilfiger Corp. co-founder Joel Horowitz has decided to knock off the asking price for Tranquility, an eight-building, 210-acre estate overlooking Lake Tahoe that he and his wife Ann built in the late 1990s.

The nine-bedroom property -- which sits on the Nevada side of Lake Tahoe and completely encircles a smaller lake -- went on the market for $100 million in 2006, even as the stage was being set for the U.S. housing crash and global recession.

At the time, Tranquility couldn't lay claim to being the prici