- Marc Andreessen and Ben Horowitz are snatching up properties in Las Vegas for huge sums.
- They’re part of an influx of out-of-state buyers driving up the cost of luxury real estate.
- For ultrarich Californians, even the most expensive custom homes in Las Vegas look like bargains.
Miami got a lot of love from the tech set this year, but it was “Viva Las Vegas” for two of Silicon Valley’s most influential investors.
Marc Andreessen and Ben Horowitz, whose tech pedigree and extraordinary prescience have made them some of the most-closely watched investors in the private markets, have been snapping up properties in Sin City for huge sums. They’re part of an influx of out-of-state buyers moving to Las Vegas and setting the luxury market on fire, experts say.
Last week, a report by Bloomberg showed that Horowitz is the mystery buyer of a one-of-a-kind mansion nestled in the Summerlin hills, with views of the Strip, a miniature golf green, and a 10-car garage bigger than most apartments. The home, set behind four gates, sold for $14.5 million — a record sum for the area’s surprisingly sparse luxury market.
Not to be outdone, Andreessen paid $36 million for a swath of vacant land at an ultraexclusive golf community that’s nine minutes down the road from his business partner’s estate. The deal is the most expensive purchase ever recorded in Las Vegas, smashing the previous record — set just one month earlier, when loan magnate Anthony Hsieh bought a newly built mansion for $25 million.
These are record sales, but one agent says they’re small change for the ultrawealthy, especially those coming from the Bay Area’s sizzling luxury market. Anthony Spiegel, a broker salesperson with the Ivan Sher Group, who sold the Summerlin mansion, said a $36 million land-grab for one person is like “buying a burger at Shake Shack” for another.
In fact, hordes of Californians have been moving in and snatching up houses in the region, enchanted by its balmy weather, state parks, entertainment outlets, and more reasonable cost of living, real-estate agents previously told Insider. It doesn’t hurt that Nevada is one of nine states with no income tax.
It’s unclear how much time Andreessen and Horowitz plan to spend in their new ZIP codes. Bloomberg’s Sarah McBride and Lizette Chapman reported that the land grabs may indicate the two are stepping back at the storied venture capital firm they founded in Menlo Park, California. Both investors took to Twitter to deflect that suspicion.
—benahorowitz.eth (@bhorowitz) December 9, 2021
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