HOUSE OF THE DAY: Tommy Hilfiger Co-Founder Sells $100 Million Lake Tahoe Vacation Home At A 50% Discount

Courtesy of Sotheby's International RealtyAfter seven years on the market, former Tommy Hilfiger CEO and co-founder Joel Horowitz has sold his gargantuan Lake Tahoe estate for $48 million, significantly under the initial $100 million asking price.

According to The Wall Street Journal, a holding company called Tranquil Investments LLC purchased the property.

After lowering the price to $75 million in 2011, Horowitz proposed a deal to potential buyers: He said he would personally finance the purchase for a qualified buyer.

The 210-acre estate, called Tranquility, is the largest on the Nevada side of Lake Tahoe. In addition to a 27,000-square-foot mansion, it has an indoor glass mosaic pool, private lake, two par-3 golf holes and an indoor golf simulator, horse stables, a wine cellar, a cinema, and separate guest and staff residences.