A lakefront mansion in the wealthy suburban Chicago community of Kenilworth would set an area record if it sells for anything close to its asking price.
The seller is asking for $14 million for the Sheridan Road home, topping a new $11.75 million home that sold last year, Crain’s Chicago Business reported. The 1970s-era home, on a 1.6-acre lot, is being handled by Jameson Sotheby’s International Realty agent Nancy Nugent. It hasn’t been listed publicly.
Nugent says the new owner will most likely tear down the almost 50-year-old mansion and build a new home from scratch.
“We’re selling this property with no expectations of the buyer,” Jack Faintuch, whose late parents-in-law owned the home, told Crain’s. “If they love the house the way it is, or if they want the unique piece of property to build their home on, they can do whatever they desire.”
While buildable land in the area doesn’t often sell for more than $10 million, it wouldn’t be completely unheard of. The Chicago Tribune reported in June that billionaire private equity investor Justin Ishbia bought a 3.3-acre lakefront property in Winnetka for $23.9 million. He purchased three separate mansion properties and made a deal with the Winnetka Park District to combine the land into one large site.
The Kenilworth home was bought in the late 1970s and expanded in 2006, Faintuch said. The lot features a Lake Michigan shoreline, though it lacks a beach. The property has a multi-tiered walkway with a lower deck above boulders that line the water’s edge.
Another Kenilworth home sold earlier this month for $9.45 million. The seven-bedroom, 8,700-square-foot home, on a lot that’s under one acre at 233 Sheridan Road, was the fifth home in the Chicago area to sell for more than $9 million in 2021.
[Crain’s] — Victoria Pruitt