‘We’re not billionaires’: Family sells generational Tahoe home amid explosive market

There are only a handful of places in Lake Tahoe that are so exclusive and private that hardly anyone knows they exist. One of those is a 2-acre compound surrounded by forest and set right on the water’s edge, at the heart of Tahoe’s idyllic East Shore. The property, known as Secret Harbor, is only accessible by boat or an unpaved dirt road. Truly a hidden getaway, it is entirely off the grid.

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Now, for the first time in over 40 years, Secret Harbor is for sale. An interior designer is selling his generational family home for $18 million.

“It was our family summer camp,” said Todd Gildred, the seller, in an article published by the Wall Street Journal.

The property, constructed in 1934 and located near Carson City, Nevada, was built by Edward Schmiedell, a Bay Area socialite who was one of the co-founders of the Secret Harbor Association. The group was dedicated “to preserving the pristine forest environment along Tahoe’s East Shore,” according to a news release issued by Christie’s International Real Estate Sereno. Secret Harbor’s closest neighbor is the famed Thunderbird Lodge, which is surrounded by undeveloped coves and beaches that dot Tahoe’s East Shore.

Gildred’s parents bought the vacation home in 1985 for less than $1 million. Around 15 years ago, he decided to renovate the home, reaching for an “old Tahoe look,” he told the Wall Street Journal. Natural stone fireplaces, lacquered wood, a turquoise-and-cobalt-blue color palette and vintage boats were key inspirations for the design.

The main house on the property has three bedrooms, three full bathrooms and unobstructed lake views. A guest cabin called Chicken’s Nest has one bedroom and one bathroom. Another residence, a studio, is located above a one-car garage. The property also has a private pier and a boathouse. 

“Secret Harbor is one of those rare places on Lake Tahoe that simply stops you the moment you arrive. It’s not just the setting — the crystal-clear water, the granite boulders, the tucked-away shoreline — it’s the feeling that this is a property that has been quietly held and experienced for generations,” listing agent Christine Perry told SFGATE in a statement. 

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Property values on the Nevada side of Lake Tahoe have surged recently, as more wealthy Californians are looking to leave the state. That’s prompting some families who’ve held onto lakefront property on Tahoe’s East Shore for generations to finally sell. And buyers are ready: In December, Google co-founder Sergey Brin reportedly purchased a home in Crystal Bay for $42 million. In March, SpaceX investor Steve Jurvetson reportedly paid $125 million for the most expensive home ever sold in Lake Tahoe. 

Gildred told the Wall Street Journal that his family’s home was used only a few weeks a year. They’d planned to keep it for generations to come, but seeing how much property values have exploded, they came around to selling it. Proceeds will put money in the bank for college funds for his nephews and, eventually, his own children, he told the outlet. 

“We’re not billionaires,” he said.