is the largest privately held lake in North Carolina. The lake is man-made and covers 640 acres. It is fed by natural streams, reaches depths of 60 feet, and the shoreline is 14 miles. The lake flows out onto Toxaway Falls and then continues down the Toxaway River.
The lake was filled originally in 1902 by E. H. Jennings, who visited what is now Lake Toxaway in the 1890s and saw that the area held great potential. Jennings was an entrepreneur who was responsible for creating many resorts, including the Toxaway Inn. The inn was a popular resort for the rich and famous from its opening in 1903. Guests included Henry Ford, Harvey Firestone, and Thomas Edison. In 1916, the lake's earthen dam gave way draining the lake overnight, as a result to heavy rains.
was demolished in 1948 after being vacant for nearly 30 years after the lake's unexpected draining. A group of businessmen gathered and purchased the abandoned land and in the 1960s, rebuilt the lake. Real estate development was the focus of the entrepreneurs and a Country Club was built to entice visitors to the area along with The Greystone Inn, which is a AAA 4 Diamond resort. The Greystone Inn was originally the home of Lucy Moltz, who came to Toxaway and built a mansion on the lake and was only able to enjoy her lakeside home for one year before the dam broke. She continued to live in the home after the lake was gone and was there until she died in 1970. In her lifetime she witnessed the failure of the lake and then the rebuilding many years later. Her home is situated on a hill overlooking the lake and still sees visitors from honeymooning couples to the rich and famous. The dream which was envisioned in 1902 by E. H. Jennings is still alive today, even through the many ups and downs of the lake.
Today, the lake is still in use by the families who live within the Lake Toxaway Estates. Most of the residents in the area treat Lake Toxaway as a second home for vacationing during the summer months.