After six years on the market, Horowitz has finally succeeded in parting company with his 210 acre Lake Tahoe estate.
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( L-R ) Joel Horowitz and Tommy Hilfiger / Getty
Joel Horowitz, co-founder of the Tommy Hilfiger fashion group, caused a major ripple in the real estate market when he pronounced that his luxury compound, Tranquility, which was built to his lavish specifications in 2000 would be up for sale. The asking price would be $100 million, with Horowitz insisting that he would settle for nothing less.
However after a six year time lag, during which Joel Horowitz used every marketing trick in his vast repertoire to achieve his asking price , has now discovered, at least in this instance, that patience is not a virtue, having reportedly accepted an offer for the property, reported to be in the region $48 million
Rumors abound that his long standing offer to personally finance the purchase for a qualified buyer was one factor that tipped the scales in his favor. At this point the identity of the buyer remains unknown.
Signs that Horowitz was beginning to lower his pricing aspirations began to appear early this year, when the fashion magnate ordered his property agent, Sierra Sotheby’s International Realty to reduce the asking price to $75 million, and now, according to various reports, in order to clinch the deal, another $27 million has been lopped off the price.
One thing for sure is that Tranquility’s new owner will be stepping into one of the most luxurious properties in the United States. Situated adjacent to Lake Tahoe in the highly desirable Zephyr Cove region of Nevada, Tranquility, is the largest estate on the Nevada shores of Lake Tahoe, located over an area of 210 acres.
As well as its 27, 000-square-foot mansion, Tranquility also houses seven other buildings for a total square footage of 38, 000 square feet taking in guest and staff residences.
The property also boasts an indoor glass walled and ceilinged, mosaic floored swimming pool, an indoor golf simulator, an indoor cinema and its own extensive wine cellar. For those who prefer the outdoor life, Tranquility also comes with its own private lake, extensive equestrian facilities as well as two par-3 golf holes.
According to reports, Tranquility is also outstanding for its awe inspiring décor, with one of the highlights being a replica of the staircase on the Titanic that dominates the mansion’s entrance. Also reportedly included in the $50 million door bargain price are no less than four Rembrandt originals.
Joel Horowitz currently acts as CEO and Treasurer of Global Brands Acquisition Corpoation, a role he has held since 2007. Horowitz also serves as CEO and Treasurer of JLJ Partners LLC.
Joel Horowitz came to prominence in the fashion industry when he founded the Tommy Hilfiger fashion brand, serving as CEO from 1994 to August 2003, President from 1995 to August 2003 as well as being a director of the company from from 1992 to October 2005.