In the rarefied air of ultra-high-end real estate, a 25 percent price reduction can translate into a breathtaking sum: $25 million.
That's how much Tommy Hilfiger Corp. co-founder Joel Horowitz has decided to knock off the asking price for Tranquility, an eight-building, 210-acre estate overlooking Lake Tahoe that he and his wife Ann built in the late 1990s.
The nine-bedroom property -- which sits on the Nevada side of Lake Tahoe and completely encircles a smaller lake -- went on the market for $100 million in 2006, even as the stage was being set for the U.S. housing crash and global recession.
At the time, Tranquility couldn't lay claim to being the priciest U.S. listing -- Donald Trump was trying to unburden himself of a home in Palm Beach, Fla., for $125 million, and Saudi Prince Bandar had a vacation retreat in Aspen, Colo., on the market for $135 million.
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