Big price cut brings buyer to historic Lake Forest estate

A historic Lake Forest estate that’s been on the market since fall of last year has found a buyer after a series of price cuts.

The property, at 255 North Green Bay Road, went under contract this week after a $1 million chop earlier this month brought its ask down to $7.9 million.

Should a deal close near its asking price, it will likely be the highest priced sale in the wealthy North Shore enclave this year. In January, a 7,600-square-foot home sold for $6 million in Lake Forest, the priciest deal in the area so far this year.

The Green Bay Road home is currently the most expensive listing in Lake Forest, which only has four other properties for sale at or above $4 million, the traditional marker for Chicagoland luxury listings.

Originally listed in September for $10.1 million, the sellers lowered their price to $8.9 million, then again to $7.9 million this month before finding a buyer.

It’s unclear when the property will close, or if it will close at or near its asking price. Jennifer Ames with Engel & Volkers Real Estate is the listing agent for the property and did not respond to a request for comment.

Built in 1934, the 15,000-square-foot home has seven bedrooms and 11 bathrooms. The home is on nearly 5.5 acres. It was built for Lolita Sheldon Armour of the Armour meatpacking family, according to the listing.

The home is one of several luxury properties to take additional price cuts this year, showing sellers’ willingness to make concessions as interest rates continue to rise and the overall real estate market slows.

“We had a window of time that people were able to sell their homes for exceptionally high prices because there was this bizarre demand from people who lived downtown in high-end condo towers, and decided maybe it was maybe time to get away from the density during Covid,” Ames told The Real Deal when the property’s price was slashed earlier this month.

The property was recently owned by the late Roland and Arlene Casati, and is being sold by their son-in-law, according to published reports.

Casati was primarily a real estate developer and was the founder of the real estate firm Continental Offices in suburban Des Plaines. He was also an investor in both the Callaway and Adams golf brands. He added onto the property a PGA-rated putting green modeled after the 12th hole at Augusta National Golf Club in Georgia, home of the Masters tournament.

The Casatis owned the home for 51 years and meticulously maintained the home in the English country manor-style in which it was originally built. The couple imported English paneling for the library and kept much of the home’s original finishes.

Other amenities include nine fireplaces, an elevator, several formal sitting rooms, a butler’s pantry, silver vault, flower arranging room, two 1,000-square-foot staff apartments, a cedar closet, a gift-wrapping room, a home gym, wine cellar, carriage house, spa and four-car garage.

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