The real estate downturn is affecting one of the nation's most expensive homes for sale.
The Reno Gazette-Journal reports Tommy Hilfiger co-founder Joel Horowitz is now offering his Lake Tahoe estate for $75 million, down from an asking price of $100 million since 2006.
At that time, the Zephyr Cove property on Tahoe's southeast shore was the third most expensive home for sale in the country.
Horowitz's forested Tranquility estate includes 210 acres and 38,000 square feet of living space.
It also features a grand staircase that's a replica of the one on the Titanic, an indoor glass mosaic pool, a gym, a stable, a boathouse pavilion and two par-3 golf courses.
Tommy Hilfiger is a trendy clothing manufacturer. Phillips-Van Heusen Corp. purchased it last year for $3 billion.
Information from: Reno Gazette-Journal, http://www.rgj.com