Nobody wants to buy Tahoe’s $49 million megamansion

It’s a house with eight bedrooms, more than 16,000 square-feet of living space and two glass-walled funiculars to carry residents to the home’s private beach on the north shore of Lake Tahoe. The separate beach house has a dining table for 12 made from “a 2,400 year old alligator juniper tree inlaid with semi-precious stones.” The wine cellar holds 1,200 bottles. And the private pier is set to be finished early next year. 

But still, no one wants to buy the lavish Crystal Pointe, just past the state line in the tax-friendly haven of Crystal Bay, Nev. It’s been listed since June 2023 at $49.5 million. It’s the second-most expensive active home listing in Lake Tahoe, just behind “Old Forge” in Incline Village, offered at $76 million — that still hasn’t sold either.

That means it’s been on the market for more than 150 days – more than three times the average listing period, in the region of 49 days, according to Redfin. Considering that most homes in Tahoe are sold during the summer, it’s leaving some real estate spectators wondering why no one wants the classically styled, albeit over-the-top, Tahoe mansion. 

According to listing agent Susan Lowe of Chase International, it may not be accurate to say no one wants it – just that no one can afford it. “You have a limited amount of buyers in this price range,” she told SFGATE over email. “It’s common for uber-luxury properties to be on the market for a period of time.” She said they’ve had luxury properties listed with them for years before finding a buyer. 

This isn’t the home’s first time being listed on the Tahoe market, nor its first time being listed for a fairly exorbitant amount. In 2017, it was listed for $75 million, making it the most expensive home listing ever in Lake Tahoe at the time. The same owners still have the property, though Lowe says they’re ready to leave the mountains and downsize. 

A rare selling point of the home, and perhaps one reason the sellers haven’t accepted any offers they’ve received, is that the home will soon have one of the only new private piers on Lake Tahoe. Lowe says the owners won one of only a small handful of permits allocated each year to build on the lake and plan to build a usable pier with two boat lifts. 

Fortunately, owners won’t have to walk to those boat lifts, thanks to not one but two funiculars rising more than 200 feet from the beach to the main home on the cliffs above. Other impressive details include a custom lakeview hot tub, walls that slide away to open indoor living spaces to the outdoors and custom art and sculptures throughout the approximately five acre property.

“It is a one-of-a-kind masterpiece, waiting for the right buyer,” said Lowe. “There is no way you could replace this home for the asking price.”