Hilfiger Co-Founder’s Home Gets A $25 Million Price Cut Home prices around the country have taken another round of beatings lately, with national home values having dropped more than 30% now from the 2006 peak. The ultra luxury end of housing has felt those price plunges too, with multi-million dollar homes cutting prices by the millions. One Lake Tahoe, Nev. estate is even shaving $25 million off its asking price. Tranquility estate, owned by Tommy Hilfiger co-founder Joel Horowitz, first hit the sale block in 2006. The asking price? A hefty $100 million, crowning it one of the most expensive for sale properties on the U.S. market. Nearly five years later, with no billionaire takers coming to the closing table, the former CEO is finally slashing that nine figure price tag by 25%. It’s now asking $75 million. “He wanted to get in line with what has happened in the real estate market,” says Sue Lowe, a Chase International agent who represents the property alongside Chase International CEO, Shari Chase. “He’s eager to sell it and he knows that due to the economy, prices have come down and he has to match it.” The estate grounds, once briefly owned by entertainer Wayne Newton, were bought by Horowitz and his wife in 1997. They set to work constructing a luxury home owners’ fantasy on the blank land. The result is an opulent 20,000 square foot mansion overlooking Lake Tahoe from 210 acres. Tranquility’s main residence borrows designs from a handful of places. The main staircase is a replica of the Titanic’s staircase, complete with domed ceiling; a cigar lounge takes direct inspiration from New York’s St. Regis Hotel; and the library’s marble floor pattern hails from the New York Public Library. The dining hall touts 17th Century plank flooring pulled from a French property and a hand painted ceiling mural displaying indigenous Lake Tahoe fauna. The estate’s acreage boasts panoramic views of Lake Tahoe, a private lake of its own and seven additional buildings, including an art studio, boat house pavilion with docks on both sides, gymnasium with indoor basketball court and horse stable. There are two par-3 golf holes and a 16 car garage. An indoor pool sits on the estate as does a 3,200 bottle wine cellar. Lowe expresses high expectations for a buyer as it is “an incredible value at this price,” since there is “no way to replicate a property like this at this price.” The land alone is hard to come by: over 80% of the entire Lake Tahoe Basin is owned by some sort of governmental agency. Tranquility’s hefty parcel helps justify a considerable chunk of the property’s (still) sky-high price tag. As their primary residence, Horowitz and his wife call the northern European mountain-styled estate home. It sits nearly a mile off the road in Zephyr Cove, a ritzy area on the tax-free Nevada side of the lake that has long been flocked to by wealthy West Coasters.
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