Nevada’s 700-acre Shakespeare Ranch cuts asking price from $188m to $125m

One of Lake Tahoe's most expensive properties is back in focus after a major reduction in its asking price. Shakespeare Ranch, a historic 700-acre estate on the Nevada side of the lake, was listed for $188 million in 2024, SF Gate reported. Two years later, the property is being offered for $125 million, a reduction of $63 million, as its owners continue to look for a buyer. Located in Glenbrook, an exclusive community on Lake Tahoe's eastern shore, the ranch includes several lakefront homes, guest cottages, horse corrals and a private pier extending 465 feet into a sheltered bay. It also has a barn built in 1873, which remains one of the property's most distinctive features. According to a report, the ranch has attracted celebrities and even US presidents over the years, particularly through its annual rodeo. Former President George Bush reportedly visited the property and remarked, "They don't make barns like this in Texas." Despite its history, location and facilities, the estate has yet to find a buyer. This is particularly notable because luxury homes along Lake Tahoe's Nevada shoreline have been selling quickly in recent years. Even after the price reduction, Shakespeare Ranch remains the most expensive property listed in the Lake Tahoe area. What makes Shakespeare Ranch different? Shakespeare Ranch combines a large waterfront estate with buildings and facilities that reflect its long history. Unlike a conventional luxury home, the property includes multiple residences spread across the ranch, with several overlooking Lake Tahoe. Surrounding a courtyard is a collection of cottages and guest houses. Horses also graze in corrals near a meadow. The estate also has direct access to the lake through its 465-foot private pier. The barn dating back to 1873 is central to the property's identity. It has been associated with the ranch's annual rodeo, an event that has drawn visitors from across US. The estate's setting in Glenbrook also adds to its appeal. The community is a private enclave for wealthy residents, comparable to Incline Village, another well-known luxury residential area on the Nevada side of Lake Tahoe. The struggle to find a buyer The ranch first entered the market in October 2024 with an asking price of $188 million. At the time, it was the most expensive listing in Lake Tahoe, coinciding with growing interest in the region among the wealthy. Since then, the luxury housing market along Nevada's Lake Tahoe shoreline has remained active. According to the report, multimillion-dollar waterfront properties have been selling rapidly, particularly over the past two or three years. Much of this demand has been linked to the real estate boom in San Francisco, driven partly by wealth generated in the artificial intelligence industry. Some wealthy buyers from California have also been looking towards Nevada because of its more favourable tax environment. The reduced figure still places the ranch well above other expensive properties currently being marketed around the lake. Taxes and Lake Tahoe's property market Tax considerations have become an important factor for wealthy Californians purchasing homes across the state border in Nevada. California is preparing to vote on a proposed wealth tax, while Nevada's comparatively lenient tax laws have made it attractive to buyers considering their long-term financial arrangements. "Taxes are a huge part of it," Christine Perry, a real estate agent with Christie's International who works with wealthy clients in Silicon Valley and Lake Tahoe, told SFGATE. Perry said one of her clients had purchased a home on the Nevada side of Lake Tahoe but spent very little time there. Although the client was not ready to leave the Bay Area, the purchase was intended as an investment in the future and potentially an alternative place to live. "I think a lot of people are trying to prepare themselves for the future," Perry said. This interest has also encouraged families who have owned waterfront properties for generations to consider selling their estates.