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"Tranquility" Estate Drops Price by a Quarter and Still Asks $75M

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Tommy Hilfiger co-founder Joel Horowitz built his Tahoe retreat in 2000 and filled it with every delight known to mortals: two par-3 golf holes, a 3,200-bottle wine cellar, an art studio with ceramics kiln, an indoor swimming pool, a horse stable, a boathouse, a 16-car garage, and an NBA-regulation basketball court. Plus, there's a staircase reclaimed from the Titanic, flooring reclaimed from a 17th-century French chateau, flooring reclaimed from the New York Public Library, and a bronze door once owned by newspaper titan William Randolph Hearst. Well, turns out all that reclaiming does not a property sell. Tranquility, as this funhouse is called, has been languishing on the market for a few years now—we thinketh perhaps the $100M price tag had a little something to do with its failure to sell. Today the Wall Street Journal reports that the massive 20,000-square-foot estate has been price-chopped to $75M. In a statement, listing agent Shari Chase called the shiny new price tag "an amazing value."

· Tahoe Lakeside Requires Boatload of $100M Big Ones [Curbed National]
· $100 Million Tahoe Estate Reduces its Price to $75 Million [WSJ]