Been there, it's a ritzy town but now billionaires are kicking millionaires out

[theking]

‘The billionaires are pricing out the millionaires’: The ultra-wealthy are flocking to a small Nevada town to live large
Nestled along the shores of Lake Tahoe, Incline Village looks like any other picturesque mountain town — glimmering water, alpine views and a tight-knit community of about 9,300. But the quiet enclave is undergoing a transformation, and it’s being led by some of the world’s wealthiest people.

Billionaires, many of them former Californians, have begun putting down roots in the Nevada town. Long a beautiful vacation spot, Incline Village is now drawing the ultra-wealthy for a different reason: the Nevada address. Oracle co-founder Larry Ellison reportedly owns a sprawling (1) wooded estate there. Just down the road, venture capitalist and SpaceX investor Steve Jurvetson has been tied to a $125 million (2)compound that broke a regional price record. Google co-founder and former Alphabet president Sergey Brin is linked to a $42 million mansion. (3)

“I liken it to a school of fish swimming by — you’ve got your fishing pole out in the lake and all of a sudden you get eight fish and then nothing for two years,” Tim Lampe of Lakeshore Realty told Bloomberg. (1) “The market will pulse like that. Right now, we’re definitely on a high-end pulse. Except they’re not fish, they’re whales.”

A whale of a time
In the first quarter of 2026 (4), single-family home sales in the area soared to roughly $232 million, compared with just $30.6 million in the first quarter of 2025.

Nevada is a no-income-tax state, and the growing popularity of Incline Village comes as California considers a new tax on billionaires.

“It’s one of the few places in the country or the world where you can lower your taxes and upgrade your lifestyle,” Tom Palecek, a founding partner of Summit Trail Advisors, which specializes in tax planning for the ultra-rich, told Bloomberg. “It’s not just tax arbitrage, it’s lifestyle arbitrage.”

The shift has also caught the attention of locals. The town has now earned the new nickname “Income Village.”

Moneywise reached out to Incline Village district chair Matthew Kent for comment, but did not receive a response by publication time.

“When I first moved here in 1975, it was actually a lot of airline pilots that lived in Incline because they flew out of Reno. It really was affordable,” historian David Antonucci told Bloomberg. “Now the billionaires are pricing out the millionaires.”