Tranquility, Lake Tahoe Mansion Finally Sold for $48 Million
Lake Tahoe’s ‘Tranquility’ estate, owned by Joel Horowitz, the co-founder of fashion label Tommy Hilfiger finally found a buyer. After eight years of effort to sell the 210-acre property on the tax-free side of Nevada’s Lake Tahoe, Horowitz managed to get $48 million, more than 50% drop the initial $100 million asking price in 2006. The huge property received a pricechop in 2011 asking $75 million, and soon after it was taken off the market.
This eight-building compound includes main residence, conservatory, guest residence, art studio, boat house pavilion, gymnasium with indoor basketball court, stable, and additional residence for guest and staff. The residence has nine bathrooms, 14 full and five half bathrooms. There is a replica of the Titanic’s staircase, a 3,500-bottle wine cellar, an indoor swimming pool and atrium, as well as a 19-seat movie theatre, two par-3 golf holes and a 16 car garage.
In contrast to Horowitz who sold his estate at half the price of initial, Tommy Hilfiger’s appetite is increasing. He now wants $80 million for his Plaza penthouse (instead of the initial $50 million) making it one of the most exclusive condo listings in Manhattan.