On the northern shore of Lake Tahoe, Nevada‘s Incline Village is known for keeping things quiet. One of the upscale mountain enclave’s latest real estate deals, however, is anything but. A lakefront estate has changed hands for an eye-watering $125 million, setting a new local record and instantly raising the bar for the local market, according to Bloomberg. The price ranks it among the priciest U.S. home sales this year. The off-market transaction included a neighboring parcel valued at roughly $7 million, pushing the total consideration even higher.

Property records and LLC filings reviewed by Bloomberg link the buyer to Steve Jurvetson, an early investor in Tesla and a board member at SpaceX. The seller was a company tied to investor Gene Pretti.

The nine-figure sale price obliterates the previous Lake Tahoe-area record, which was $62 million and also in Incline Village. That sprawling estate was developed by casino mogul Steve Wynn, with about 12,600 square feet, seven bedrooms, eight bathrooms, and roughly 210 feet of private beachfront.

The newly traded compound, by contrast, is significantly larger. Marketing material describes roughly 21,000 square feet of living space, with six bedrooms, 14 bathrooms, and more than 200 feet of lake frontage—helping explain how this latest sale not only surpasses but nearly doubles the previous benchmark.

The timing is notable. SpaceX, where Jurvetson sits on the board, is reportedly exploring a public offering that could value the company at $1.75 trillion, according to Bloomberg, a potential windfall moment for early investors.

Long a refuge for wealthy Californians, Incline Village—sometimes nicknamed “Income Village”—has become increasingly attractive for its tax advantages. Nevada has no state income tax, a sharp contrast to California’s top rate of 13.3 percent on high earners.

At the same time, the buyer pool has evolved. What was once a relatively low-key second-home market has become a magnet for tech wealth, pushing prices into a new bracket. Sergey Brin, co-founder of Google, purchased a $42 million property nearby late last year, joining a growing roster of high-profile homeowners that includes Meta CEO Mark Zuckerberg and Oracle co-founder Larry Ellison.

Jurvetson, meanwhile, appears to be doubling down on the area. An entity tied to him also bought another Incline Village home for $46 million earlier this year, Bloomberg reported—suggesting this record-breaking purchase is less a one-off than part of a broader strategy. He also maintains a hilltop home in the Los Altos Hills area of California’s Silicon Valley.