Lake Michigan lot to sell for record-breaking $24M

Teardown expected on home site acquired in three purchases

An aerial of the 3.3 acre lot in Winnetka (Google Maps)
An aerial of the 3.3 acre lot in Winnetka (Google Maps)

A 3.3-acre homesite on Lake Michigan may be bought for a shattering $24 million.

If the transaction goes through, the deal would mark the highest sum ever paid for a single-family residential lot in the Chicago area, according to the Chicago Tribune.

The plan to create the 3.3-acre lot with a subdivision made its way to Winnetka’s Village Council after the Winnetka Plan Commission’s approval Wednesday. Documents state that the buyer intends to demolish two homes on the site in the spring, and will then submit a building permit for what likely will be a megamansion.

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The deal originated from a land swap between Winnetka Park District and the buyer in September. By giving up a 71-foot-wide, 0.7-acre swath of green space at Centennial Park’s south end, the park district connected the green space with another lakefront park, Elder Lane Park.

The buyer is combining that land with two other properties, a 1.5-acre property and 1.09-acre lot immediately to the south. The properties cost $8.2 million and $9.5 million, respectively.

Winnetka sales have been lucrative during the pandemic as buyers look for more space. Five of the 10 priciest residential properties that sold in Cook County in 2020 were in the town.

[Chicago Tribune] — Sasha Jones