Sergey Brin Crystal Point EstateRealtor.comLake Tahoe has always attracted wealthy people, from casino owners and Hollywood stars to big names in tech. Now, the luxury market is changing, with the Nevada side of the lake becoming a hotspot for a new group of ultrawealthy buyers.Two recent high-profile sales show this change. Local agents say a lakefront estate in Incline Village just sold for a record $125 million. Bloomberg reported that property records and LLC filings connect the buyer to Steve Jurvetson, an early Tesla investor and SpaceX board member. In December, billionaire Sergey Brin bought Crystal Pointe for $42 million, picking up one of Tahoe’s most unique estates, which has direct lake access and two funicular trams.These deals highlight a bigger trend. More billionaires are choosing Lake Tahoe’s Nevada side because it offers tax benefits, privacy, outdoor activities, and is close to California but without the state’s high taxes.Villa Harrah in Lake TahoeCompassTahoe has a long history of famous lakefront estates along with a lively celebrity scene. In 1963, casino owner William F. Harrah built Villa Harrah, a famous property that welcomed guests like Tony Bennett, Judy Garland, and members of the Rat Pack. Today, half of the estate is on the market for $19.5 million. Tahoe is still a glamorous place, but the reasons people want to buy homes here are changing, along with the financial factors that come into play.Brokers say wealthy buyers have always been attracted to Nevada because it does not have a state income tax. Now, with California lawmakers talking about a possible billionaire tax, even more buyers are interested. This has led to tougher competition for the limited number of lakefront estates and unique homes on Tahoe’s North Shore.“We’re seeing a clear acceleration of ultra-high-net-worth buyers moving from California to Nevada, driven by both lifestyle and tax strategy,” says Bill Dietz, president of Tahoe Luxury Properties. He notes that with talk of a possible billionaire tax in California and some founders and investors still expecting liquidity events, many buyers want to secure top-tier properties on Tahoe’s Nevada side as a long-term way to preserve wealth. Dietz also points to recent nine- and eight-figure purchases as proof that tech-driven capital is focusing on tax-friendly residency without giving up lifestyle.This demand is dividing Tahoe’s luxury market. Brokers say the rarest homes, which are move-in-ready with great architecture, privacy, and unique lakefront locations, still attract a lot of interest. Homes just below that level are seeing a more selective group of buyers, even if the prices seem reasonable.Beach Boys Mike Love recently listed his Incline Village mansion for $42 million.Keller WilliamsChristine Perry from Christie’s International Real Estate Sereno says there has been a strong increase in interest for luxury properties on Tahoe’s Nevada side in the past few months.“Recently, I’ve been getting calls or texts every week about off-market lakefront properties, which is unusual,” Perry says. “Big purchases, like Sergey Brin’s, have made Incline Village more appealing to ultra-wealthy buyers, much like what happened in Miami after Jeff Bezos invested there.”She notes that buyers are getting more selective when it comes to properties that aren’t at the very highest price points.“For example, my listing at 1056 Lakeshore Blvd., which is priced at $10.85 million on the dry side of what people call ‘Billionaire’s Row,’ hasn’t attracted much interest, even though it’s a great value,” Perry says. “But I recently sold 740 Lakeshore off market for $20 million, setting a new record for the area.”This divide has become a clear trend in Tahoe’s luxury market. Trophy properties still get a lot of attention. At the same time, other high-end homes, even those costing eight figures, face more negotiation and buyers are being more selective.Some longtime owners are taking this opportunity to put legacy properties up for sale. For example, Beach Boys cofounder Mike Love recently listed his 20,000-square-foot Incline Village mansion for $43 million after owning it for over forty years.Former Cal Neva Lodge becomes Lake Tahoe Proper Hotel and CasinoProper HotelsTahoe is changing in more ways than just new private homes. The North Shore’s hospitality scene is picking up speed, especially after billionaire Larry Ellison bought the Hyatt in Incline Village in 2021 for about $345 million. Now, one of the area’s most well-known properties is being updated for a new era of luxury.“Looking ahead, the revitalization of Cal Neva Resort & Casino as the Lake Tahoe Proper Resort & Casino will be a major boost for the North Shore,” Perry says. “Incline Village has needed more high-end hospitality and lifestyle options for a long time. This project will bring new design, dining, wellness, and social experiences to the area. I believe it will attract even more interest from buyers looking for a curated, resort-style lifestyle.”The historic Cal Neva property is set to reopen in 2027, thanks to a partnership between Colorado-based Realberry and Kor Real Estate Partners. The project will feature 198 guest rooms, suites, and private villas, while keeping the property’s unique architecture and cultural history. Kelly Wearstler is designing the interiors. Funding includes $223 million in C-PACE financing from Nuveen Green Capital, plus support from private investors like billionaire Hayes Barnard.To honor Cal Neva’s glamorous history, the redevelopment will feature a members-only Proper Club. It will offer indoor and outdoor gathering areas, views of the lake, a hi-fi listening room, and wine cellars set in the property’s historic tunnels.The North Shore is attracting more billionaire buyers because of its privacy, prestige, and outrageous amenities. For example, in Incline Village, solar-energy entrepreneur (and Elon Musk’s cousin) Lyndon Rive recently built a three-story, 15,000-square-foot pool for underwater hockey at his lakefront home.Current listings show this demand. On the Nevada side of the lake, several properties priced over $20 million are competing for the attention of ultrawealthy buyers.Glenbrook, Nevada lakefront estate for saleEngel & Volkers1192 Highway 50, Glenbrook, NV — $49 millionWovoka Estate is a five-bedroom, eight-bath home with 8,962 square feet of space, set on a sandy cove along Tahoe’s East Shore. It offers privacy and direct water access in one of Nevada’s most desirable lakefront neighborhoods. Listing agent: Jean Merkelbach, Engel & Völkers.580 Gonowabie RoadSierra Sothebys580 Gonowabie Road, Crystal Bay, NV — $45 millionThis four-bedroom, five-bath home has 9,976 square feet and overlooks 98 feet of Crystal Bay shoreline. It features a glass elevator and a five-story floating staircase, blending modern design with wide lake views. Listing agent: Breck Overall, Sierra Sotheby’s International Realty.1146 Highway 50 in Glenbrook, NVMountain Luxury Properties1146 Highway 50, Glenbrook, NV — $24,988 millionThe Hidden Harbor Legacy Estate is a 3.45-acre lakefront property with five villas, seven bedrooms, eight baths, and 5,077 square feet of living space. It has over 230 feet of shoreline, a private pier, and a boathouse, making it a rare chance to own a multi-home Tahoe retreat. Listing agent: Gregory Ochoa, Mountain Luxury Properties.MORE FROM FORBESForbesWhere To Go Next—Airbnb’s Under-The-Radar U.S. Destinations For 2026By Jim DobsonLake Tahoe