Larry Ellison now snapping up Lake Tahoe lakefront real estate

“Since the mid-1990s, software billionaire Larry Ellison has accumulated hundreds of millions of dollars worth of top-shelf properties around the world,” according to the Wall Street Journal.

“Mr. Ellison has been applying this approach to a new location: Lake Tahoe, the resort area straddling the California-Nevada border. Records show Mr. Ellison has spent $102 million in the last several years buying property, both on and off the market, to assemble three different parcels fronting the 191-square-mile lake.

“On one of them, purchased over three years for a total of $58 million, Mr. Ellison is constructing a compound with more than 18,000 square feet of living space as well as a pond with an island, waterfalls and a tennis court with a pavilion, according to plans submitted to Washoe County, Nev.

“Lake Tahoe, with its pristine waters and world-class skiing, has long been a seductive draw for Bay Area residents. Incline Village, the town on the Nevada side of the lake where Mr. Ellison has made a number of his buys, bears the nickname ‘Income Village’ for its wealthy residents and its reputation as a tax haven (Nevada has no personal income tax).

“In Incline Village, locals say Mr. Ellison’s presence has been relatively free of controversy. Neighbors say his compound evokes the feel of old Tahoe and that Mr. Ellison has done a meticulous job of making sure the house fits into the surroundings. “It’s in keeping with the rustic atmosphere of the mountain community,” says Mr. Busick, who has since downsized to a condominium a few doors away from Mr. Ellison.”

The rest of the article is here.

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About jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website SierraCulture.com. Jeff covered business and technology for The San Francisco Chronicle for years, was a founding editor and Editor of CNET News, and was Editor of The Union, a 145-year-old newspaper in Grass Valley. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing and trout fishing.
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6 Responses to Larry Ellison now snapping up Lake Tahoe lakefront real estate

  1. Brad Croul says:

    My wife was invited to a conference in Incline Village last week so I tagged along.
    Since I don’t go up the hill that often, I thought I would drive around and see what Incline looked like. I got stuck behind a road striping machine on Lakeshore Dr. which turned out to be a blessing in disguise because I was able to rubberneck, guilt-free going 5 mph, and check out the lakeshore estates.
    I went by a couple of places that looked liked commercial resort developments. Later, at the real estate office next to Starbucks, I found out that one of the developments was Ellison’s property. Maybe the other one was trying to keep up with the “Ellisons”. There are also REO condos going for as little as $70,000 in Income Village.

    I wonder if he will be making the lakeshore property his new “primary residence” and take advantage of Nevada’s friendly income tax structure – he could probably pay for the lakeshore development with money he would save on income taxes – I wonder, though, if he even cares.

    Another thing I noticed is the number of contractor/construction worker vehicles at the two sites – a hopeful, albeit localized, sign of economic vitality.

    Exit questions: How does Ellison feel about his income taxes getting raised? Can this new property be taken as the answer?

  2. Douglas Keachie says:

    Worked at what was then Lake Tahoe Hotel, the 2 acre lots on the beach went for $25,000 in 1967.

  3. Rick Sharkey says:

    I kayaked past the compound Larry Ellison is building on Lakeshore Drive in Incline Village twice this past summer. As I was on the water and it was the weekend I was able to get close to the project to see what it looked like. My understanding from a friend who is a year-round Incline Village resident, Larry/Oracle have been very careful to “blend” this structure into the existing style of homes on this section of beachfront property. They have, well, sort of succeeded. The structures, all built within the footprint of the previous structures that were demolished to build his new compound, are all log structures. Think Lincoln Logs on a multi-million dollar scale.

    One unique feature is the underground and/or covered parking in the front of the structure. It appears no vehicles will be visible from Lakeshore Drive as you pass the compound. My understanding is the structure will be used as an Oracle Corporation conference meeting center for Oracle personnel. Sure beats the ol’ Holiday Inn or Best Western the rest of us have to use!

    • But Best Western and the old Holiday Inn have a familiar charm and nostalgic memories that Mr. Ellison could not produce with all of his millions. In the dead of night, when you are tired and weary after all that road travel, the old Best Westerns with its free breakfasts and the Holiday Inns are a welcome sight, far from Mr. Ellison’s secluded millionaire estates In Lake Tahoe, Nevada.

  4. WW says:

    All these estates on the Lake are just trophies. I paddle by them on the Lake most every day. I haven’t seen a single owner / resident there in nearly two months.

  5. chuntley1 says:

    I have seen this estate in person and it is incredible. I can not talk about specifics but I will however give the link to the Development application that was sent in by Mr. Ellison’s people requesting permits and also what the final buildings will look like. Please reply back and tell me what you guys think…

    http://www.co.washoe.nv.us/comdev_files/bc/bc_boa_2010_cases/sb10003app.pdf

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