The sprawling North Shore estate owned by the family behind the Hoover vacuum company sold for well under its asking price, with its new owner planning to build as many as 24 homes on the lot.
Vacuum magnate H. Earl Hoover’s Glencoe mansion sold for $10 million, below the $15.9 million it had been on the market for since August, according to Crain’s. When the 1920s home went on the market, it was the priciest listing in suburban Cook County. The 10,000-square-foot,Tudor-style home on a 12-acre plot at 1801 Green Bay Road is the largest single-family residential property in Cook County. For now.
The undisclosed buyers have plans to demolish the mansion and build as many as two dozen homes on the property, broker Hadley Rue of Dreamtown told Crain’s. Rue previously told The Real Deal that the Hoover family’s emphasis on privacy meant many weren’t aware the property existed. The estate had been marketed as a development opportunity.
Last year saw a record number of sales of luxury homes in the area. The most expensive home sales of 2018 were two Winnetka mansions, which traded for $12 million each. [Crain’s] — Joe Ward