Lake Tahoe Estate Sells for Record $125 Million to SpaceX Backer

The sale sets a new precedent for the area, which has long been a hub for ultra-wealthy Californians due to its lake front estates and lower taxes.

A Lake Tahoe estate sold for $125 million to an entity linked to SpaceX board member and early investor Steve Jurvetson, setting a record for the wealthy Nevada hamlet of Incline Village.

A limited-liability company linked to Jurvetson bought the lakefront estate -- and its adjoining $7 million parcel -- in a off-market deal that closed earlier this week, from a company with ties to investor Gene Pretti, property records and LLC filings show.

Jurvetson and Pretti didn't reply to requests for comment. In February, the same entity tied to Jurvetson purchased a $46 million mansion in Incline Village, according to another filing.

Incline Village has long been a hub for ultra-wealthy Californians for its lake front estates, panoramic Tahoe vistas and lower taxes. Nevada has zero state income taxes, a stark contrast to California's personal income tax, the highest in the US at 13.3% on income over $1 million.

"It definitely sets a new precedent," said Christine Perry of Christie's International Real Estate, who represented the sellers of a $62 million mansion that held the previous Lake Tahoe record. "It's very understated wealth, we're not like Aspen. There is just a huge desire to be in this community, where there are great activities and great schools."

Google co-founder Sergey Brin, the world's third richest person, bought a $42 million mansion in the region in December and moved to Nevada, after a health care union proposed a one-time 5% tax on California's billionaires.

Jurvetson is a long-time friend of Musk's who has invested early in his companies, including Tesla and SpaceX. Formerly a venture capitalist at DFJ, he resigned from the firm in November 2017 amid allegations of misconduct that he has denied. He has since created a new firm, Future Ventures, and has remained on SpaceX's board.

SpaceX is considering raising $75 billion in a public offering that would value the company at $1.75 trillion, Bloomberg reported. If successful, the listing would be the largest IPO ever, potentially propelling Musk to becoming the world's first trillionaire.

Jurvetson, a self-styled "rocket hobbyist," has often trekked to Nevada's Black Rock Desert to launch his own spacecrafts. Earlier this month, he talked about using his Tesla's self-driving feature during an hours-long commute from California to Lake Tahoe.

"I let the car drive me from Silicon Valley to Lake Tahoe, and it was joyful and stress free," Jurvetson said, in a since deleted post. "I enjoyed the beauty of the voyage for the first time, and with a podcast playing, I arrived refreshed."