Foreign Property News | Posted by Si Thu Aung
“Summertide,” where the mogul lived from 1950-1976, offers 500 feet of shoreline and 180-degree waterfront views A lakefront property in Lake Tahoe, Nevada, owned for more than two decades by the notorious businessman, pilot and director Howard Hughes, has sold for $17.5 million after being on and off the market for five years, listing records show.
"Summertide" consists of two buildings, including a 2,518-square-foot five-bedroom main residence and a two-bedroom, 1,343-square-foot cottage, and sits on 500 feet of Lake Tahoe shoreline, with 180-degree panoramic waterfront views, according to the listing.
"It’s pretty unheard of," said Mary Jurkonis of Dickson Realty, who represented the seller, about the 500 feet of water frontage. It’s "probably one of the best views of Lake Tahoe," she said. "It’s setting, when you walk in, is extremely serene."
Over the past three years, the property bounced from an asking price of $19.5 million to $14.5 million and most recently was asking $17.5 million. The sale closed on July 31.
"There’s a lot happening around Crystal Bay," said Judith Kline, the marketing director at Tahoe Luxury Properties, the firm that represented the buyer. Ms. Kline explained that the new California tax policy has notably boosted sales on the Nevada side of the lake (Lake Tahoe straddles California and Nevada). Nevada has no personal income tax, according to Ms. Jurkonis, whereas California’s income tax keeps climbing. When dealing with individuals of tremendous net-worth, moving across state lines can make a huge difference, she said.
The sellers, Bruce and Nora James, bought the property in 1995 for $3.5 million from the Howard Hughes Company, according to property records, and have since used it as their principal, year-round, residence, according to a Chase International Realty site which profiles Lake Tahoe’s most luxurious properties.
Mr. James is the former CEO of the United States Government Printing Office, while Mrs. James formerly served as a commissioner of the Nevada State Commission for Cultural Affairs. They could not be reached for comment.
Upon their purchase in 1995, the couple upgraded the kitchen and bathrooms of the main residence, including the electrical and mechanical systems. Additionally, the sellers added a garden meadow that can hold as many 250 people, according to the Chase site.
The home, located on the North Shore of Lake Tahoe in Crystal Bay, was built in the 1920s by Tasker Oddie and his wife, Daisy. Oddie was was elected the 12th Governor of Nevada in 1912 and later a United States Senator in 1920, according to the Chase International Realty. He coined it "Summertide," completing it in 1934, according to property records.
The home, which sits on a 5.5-acre parcel, only exchanged hands once prior to when Mr. Hughes bought the property in 1950, although Frank Sinatra rented the property in the interim, according to Ms. Jurkonis.
Mr. Hughes lived there until his death in 1976, having hosted guests ranging from President John F. Kennedy to Marilyn Monroe, according to the Chase site.
Ref : Property Report
