Sign of the times? Winnetka mansion sells at discount after more than a year on market

A former executive for General Motors and Lockheed Martin sold his Winnetka mansion at a price cut and after more than a year on the market.

Louis R. Hughes Jr. and his wife, Candice, sold the 9,300-square-foot Tudor home at 86 Indian Hill Road for $4 million, according to the Chicago Tribune.

After buying the six-bedroom home in 1999 for $3.1 million, the couple completed a full restoration. They listed it in September 2017 for $5.4 million, then cut their asking price in July to $5 million before finally finding a buyer last week.

Ann George of Coldwell Banker had the listing. The buyer was not yet identified in public records.

Hughes worked for General Motors from 1973 until 2000 before briefly serving as Lockheed Martin’s president and chief operating officer.

Once an easy sell, an increasing number of North Shore mansions are languishing on the market, despite last year’s record number of home sales of $4 million or more in the Chicago area.

More recently, there have been warning signs ahead. Luxury home sales suffered a steep drop in the first quarter, led by a big slowdown in the city’s high-end condo market.  That followed a fourth quarter in which luxury sales dropped 10 percent year over year. [Chicago Tribune] — John O’Brien