A luxurious lakefront mansion in Glencoe is going to enter the market with an aggressive price tag — $12.5 million.
The six-bedroom home is currently owned by Andriyous and Layla Youkhana, who have owned the home since its construction in 1992. They originally took a $1.14 million mortgage to purchase the lot, according to records acquired by Crain’s.
The 8,350-square-foot home includes an outdoor pool and a 204-foot-wide private beach. It can fit “hundreds of people on the main floor” according to the listing broker, Jody Dickstein of @properties.
Despite the impressive features of the recently-renovated home, the market for suburban luxury homes has been experienced a decline over the last year, The Real Deal reported back in July. Second-quarter luxury sales fell 9 percent in Chicago but 13.5 percent in the Chicago suburbs, according to a Re/Max report.
The home is located at 501 Longwood Avenue – just a 13-minute walk from Glencoe’s downtown. Other homes in the area have sold for $9.68 million and $6.2 million. [Crain’s] — Jacqueline Flynn