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Buyers want to tear down $12.3M historic Winnetka mansion

Shiraz and Vijay Kotte’s purchase of the Clement Stone Mansion was the second-priciest home sale in Chicagoland last year

Buyers Request Demolition for $12.3M Suburban Chicago Mansion

A photo illustration of Vijay Kotte along with 445 Sheridan Road in Winnetka (Getty, LinkedIn, Compass Real Estate, Google Maps)

Buyers behind Chicagoland’s second-priciest home sale of 2023 are making moves to tear down their iconic Winnetka mansion. 

Shiraz and Vijay Kotte, both executives in healthcare-related fields, submitted a demolition permit in October for the Clement Stone Mansion, at 445 Sheridan Road, several months after buying the 10,000-square-foot house for $12.25 million, or $1,225 per square foot, the Record North Shore reported. 

Built in 1912, the Spanish revival mansion has been a hallmark of Winnetka’s architectural heritage, boasting a rich history, with five owners over the past century. The Kottes want to replace it with a modern French-style residence, alarming preservationists and locals alike.

Vijay Kotte, CEO of GoHealth, noted the mansion’s architectural discrepancies and renovation challenges, including concerns about the foundation and repair costs, in a February meeting of Winnetka’s Landmark Preservation Commission. 

Commissioners emphasized the importance of preserving Winnetka’s historic charm and urged the Kotte family to reconsider demolition in favor of restoration. The commission mandated a comprehensive historical architecture impact study to assess the mansion’s significance. 

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Winnetka Historical Society curator Meagan McChesney stressed its cultural and architectural significance at the meeting, advocating for preservation.

“Due to its style and notable homeowners, 445 Sheridan is certainly one of the best-known historic properties in Winnetka and along Sheridan Road,” McChesney said. “While it has been renovated several times throughout its history, it maintains both historical and architectural significance.”

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The Clement Stone Mansion has been home to hotel magnate Albert Pick, Ovaltine president James G. McMillan and renowned author William Clement Stone. The lakefront property, spanning over 2 acres, features a main residence spanning three stories, a two-story pool house and lush landscaping, epitomizing Winnetka’s affluent lifestyle.

The threat of demolition comes amid broader efforts by Winnetka officials to address the proliferation of teardowns and safeguard the village’s architectural legacy. A revised ordinance enacted in March 2021 extends the demolition delay period to 270 days for historically significant properties, providing a window of opportunity for preservation efforts.

—Quinn Donoghue 

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Shiraz KotteVijay Kotte
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DemolitionMansionSuburbs