Lake Tahoe mansion sells at auction for $10,725,000

TAHOMA, CALIF. – Michael Spanos, executive vice president of the San Diego Chargers and son of owner Alex Spanos, outlasted 16 other bidders Thursday to buy a Lake Tahoe mansion for $10,725,000, with J.P. King Auction Company, Gadsden, Ala., managing the sale.

Bidding on the Barry Berkus-designed waterfront home opened at $6 million and quickly moved upward, according to Craig King, president of J.P. King. Bidders came from California, Nevada, Texas and Iowa for the sale.

“This was an absolute auction, meaning it was going to sell to the high bidder at any price, and that attracted a strong field of serious bidders. We had several who really wanted the home, and that always leads to a positive result for the seller,” said King.

The auction itself lasted only approximately 30 minutes. While the bidding didn’t start until 2 p.m., bidders began arriving in their luxury cars before noon for a last look around the property. The event resembled a social occasion, complete with hors d’oeuvres and live harp music.

But as the time of the auction approached, the bidders were all business.

“It’s hard to find a more desirable location than Lake Tahoe, and I don’t think there’s a better spot on Lake Tahoe than this one,” said King. “We expected a strong field of serious bidders, and that’s just what we got.”

Named “Tekaya,” which is Washoe for “a quiet walk to a blue lake,” the home featured wide-open views of the lake, five bedrooms, four fireplaces and heated Italian sandstone flooring.

Architect Berkus was named one of the top 10 residential architects of the 20th century by Residential Architect magazine.

In addition to his position with the Chargers, 44-year-old Michael Spanos, also serves as executive vice president of A.G. Spanos Companies, the nation’s largest family-owned construction firm.

The sale also marked a recent surge in interest in the use of auctions to sell high-end real estate, according to King.

“Three of the biggest sales in our 90-year history have come within the past few months. This sale far surpassed our previous high for the year on a mansion, which was $7.37 million for a New Jersey home on the Navesink River,” said King.