Joel Horowitz, co-founder of fashion brand Tommy Hilfiger has finally managed to sell 'Tranquillity', his Lake Tahoe mansion for $48 million, according to several news reports. Horowitz had been trying to unload the residence for a little more than seven years now.
The huge property hit the market sometime in 2006 for $100 million and received a Pricechop in 2011 asking $75 million. It was taken off the market soon after.
However, maybe nobody wanted the house for that much. It finally sold in a private sale for $48 million, taking more than a fifty percent drop from the asking price. According to the Wall Street Journal, Tranquil Investments LLC was the buyer. Jean Merkelbach of Sierra Sotheby's International Realty was the agent representing the home.
The price is still the highest ever paid for a property in Lake Tahoe, reports Realtor.com.
Business Insider reveals that the property is a 210 acre lot, comprising of a 38,000 (approx) square feet main house, a conservatory, a guest house, an boat house, an art studio a gym and a separate servant quarters.
The residence has nine bathrooms, 14 full and five half bathrooms. A gigantic staircase, modelled after the one in Titanic, adorns the foyer. Interiors of the home have mixed flooring, large French windows and beamed ceilings. The house also has an indoor basketball court and pool.
Check out photos of the property, here.
Horowitz also owns an apartment in Manhattan, which he purchased for $3.5 million. Meanwhile Tommy Hilfiger's penthouse atop the Plaza Hotel in New York City is also up for sale at $80 million.
Check that residence out, here.
Horowitz founded Tommy Hilfiger and served as CEO from 1994 to 2003. He also served as President and drove the brand's 'global expansion and rapid growth'.
The brand has been expanding and spreading the casual-dressing culture since its founding. In 2013 alone, two Tommy Hilfiger flagship stores opened in Cape Town and Los Angeles respectively.
