The 1916 ComEd substation-turned-mansion that sold in 2008 has finally had its price tag revealed.
Accused fraudster Rishi Shah paid $8 million in July 2018 for the 15,000-square-foot mansion, about 53 percent lower than the $15 million sellers Bruce and Michele Gelman were asking in 2015. He did not obtain a mortgage.
Court documents from Shah’s recent indictment case revealed the price. The co-founder of Chicago-based Outcome Health is accused of overbilling customers of its ad platform and prosecutors claim Shah has underreported his assets to unfreeze nearly $10 million from federal control, Crain’s reported.
Shah was renting the property for $50,000 a month before he purchased the property. At the time, the sale would’ve been the 12th highest home sale in Chicago for 2018. According to Cook County Recorder of Deeds, the previous owners paid $3.75 million for the property in Feb. 2008. The home was first listed by the Gelmans in April 2015 at $13 million.
The home was built in 2009 from the old ComEd station located across the street from Newberry Library. The four-story mansion has six bedrooms, nine bathrooms and was designed by Hermann von Holst.
[Crain’s] — Jacqueline Flynn