Chase International provided this video of a Tahoe estate with 525 feet of lake frontage that the agency is listing for $75 million.

Media: Mike Dunn

The Tahoe real estate market reached a new pinnacle this month when a lakeside house went on the market with an asking price of $75 million.

The massive mansion carved into the craggy banks of the north shore in Crystal Bay, Nev., is the most expensive house right on Lake Tahoe to ever be listed, a title that was previously held by the famed Thunderbird Lodge that went on the market for $60 million in 1996. The lodge sold for $50 million, and at the time it was the highest price ever paid for a private home in the United States, according to the Los Angeles Times.

If this new luxury property (known as Crystal Pointe) sells for asking, it won't break any national records. Real estate around the country has hit astounding new highs since the late 1990s with a Los Angeles mansion hitting the market earlier this year with a $250 million price tag. But in Tahoe, Kerry Donovan, one of four agents with Chase International listing the property, says this property is noteworthy. 

"It really represents the next generation of luxury estates in the Tahoe area," Donovan says. "Over the past 10 years, we've had significant investment from billionaires," Donovan says."This is the first one to come on the market of that next generation with 21st century construction and amenities."

The sprawling estate sitting on 5.14 acres features 525 feet of lake frontage, a main residence, a guest house, a beach house with its own terraced beach, 16,232 square feet of living space, a 10-seat theater, eight bedrooms, 10 full bathrooms and 13 fireplaces. 

Two glass funiculars that run on a heated track connect the four-car garage pavilion with the main house and the beach house.

The views from the funiculars are spectacular — and the panorama of the lake and surrounding Sierra Nevada also take away your breath simply sitting in the main home's window-filled great room.  

"They positioned the house to not get a piece of the view, but to get the full view from sunrise to sunset," Donovan says.

Stuart Yount, chairman and CEO of Fortifiber, and his wife Geri are the owners and built the property as their dream home in 2000. Donovan says they're selling the house to downsize.