Revealed: What accused fraudster Rishi Shah paid for one of Chicago’s grandest mansions

Court documents disclose the price of the mansion which quietly sold in 2018 for an unknown price

Feb.February 21, 2020 11:15 AM
924 N. Clark Street and owner of the mansion, Rishi Shah

924 N. Clark Street and owner of the mansion, Rishi Shah

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

Related Articles

Mayor Lori Lightfoot (Credit: Getty Images)

Chicagoans flee to their second homes

854 W. Webster Ave. (Credit: Redfin)

Here are the priciest resi sales in Chicago this week

From left: Lendlease CEO Steve McCann, and Magellan CEO David Carlins, with a rendering of the Cirrus and Cascade projects (Credit: Lendlease/Magellan/bKL Architecture via Curbed)

Lendlease, Magellan land $283M in construction financing for resi towers project

(Credit: iStock)

Chicago is No. 3 city for single women to buy a home: study

Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

EquityBuild's Shaun and Jerome Cohen and one of the corporation's properties at 7549-7559 South Essex Avenue (Credit: Google Maps)  

Ponzi scheme fallout: South Side has thousands of distressed apartments

Chairman and CEO of Taylor Morrison Sheryl Palmer and Townhouses at Riverbank Crossing in Geneva

With Chicago area home sales down, homebuilder Taylor Morrison is out

Co-founder, President and CEO of CLK Properties Craig Koenigsberg, Heritage Village Pointe in Des Plaines (Credit: Google Maps)

CLK Properties closes on massive condo deconversion in Des Plaines