Milken, entertainers own some of Washoe County’s priciest homes

Sunday, Jan. 9, 2000 | 3:50 a.m.

Thirteen of the county's 15 most valuable houses, including Milken's 22,000-square-foot home on six acres, are located on Lakeshore Boulevard here, the Reno Gazette-Journal reported.

To build his retreat, Milken bought three homes on the beach and tore them down. His home features a slate roof, turrets and redwood planking for siding. The retreat also has a swimming pool and pier.

Next to Milken lives industrial tycoon Kern Schumacher, whose 12,000-square-foot house has a taxable value of $9.3 million.

And next to it is the former home of casino magnate Steve Wynn of Las Vegas. The 12,600-square-foot home, sold to an unknown buyer in 1998, is valued at $12 million.

All three homes sit behind gates and walls off of Lakeshore Boulevard. Actual market prices are slighter higher than the homes' taxable values.

Also owning some of the highest-priced real estate in Incline Village are the Frank Sinatra Trust and former Beach Boys lead singer Mike Love.

The Sinatra trust's 6,200-square-foot, beach-front home is valued at $4.3 million, while Love's 18,000-square-foot, hillside home is valued at $5.1 million.

Deep Purple's David Coverdale, and the Captain and Tenille's Toni Tenille and Daryl Dragon also own some of the county's priciest homes.

Coverdale's 8,900-square-foot home at Tahoe is valued at $1.7 million, while Tenille's and Dragon's 4,200-square-foot home in Washoe Valley south of Reno is valued at $911,000.

As usual, eight of the county's 10 largest private property owners for the 2000-01 tax year are hotel-casinos in the Reno area.

The Silver Legacy in downtown Reno topped the list with an assessed value of $83 million, followed by the John Ascuaga's Nugget in Sparks with an assessed value of $67.2 million.

Under state law, assessed values are supposed to be 35 percent of market value.

Other resorts in the top 10 were the Peppermill, Circus Circus, Reno Hilton, Eldorado, Harrah's and Atlantis.

In five years, property values in the county have increased by $1.8 billion while downtown Reno property has dropped by $28 million in value.