Billionaire Justin Ishbia identified as buyer of $12.5M Lincoln Park mansion

Mansion adds to Ishbia’s Gold Coast condo, Winnetka property

Shore Capital Partners' Justin Ishbia (Shore Capital Partners)
Shore Capital Partners' Justin Ishbia (Shore Capital Partners)

The billionaire private equity investor who tried to build a large seawall between his property and a public beach in Winnetka is buying properties in Chicago as well.

Justin Ishbia, founder and managing partner of Chicago-based Shore Capital Partners, paid $12.5 million for a new 8,229-square-foot mansion in Lincoln Park, the Chicago Tribune reported. It was the second-highest price for a single-family home in 2021, and is one of the five highest recorded sales prices for a home within city limits.

Ishbia bought the brick mansion, designed by Rugo/Raff Architects, in April 2021 from Jeffrey Appelbaum, who paid $4 million for it in 2015.

Ishbia paid $5.57 million in 2018 for a condo on the 30th floor of a building at 9 West Walton Street where Citadel’s Ken Griffin owns the top four levels. The future of Griffin’s condo floors is now in question after he announced the relocation of his company to Miami from Citadel.

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Ishbia was identified last year as the buyer who spent $23.9 million for three parcels along Lake Michigan in 2020. Since only two of them were connected, Ishbia struck a deal with Winnetka park officials to donate a 71-foot-wide lakefront parcel in exchange for another one the same size that would connect them. The deal allowed Ishbia to have a 3.3-acre lakefront homesite.

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While the pact required the park district to keep his identity private, Ishbia came forward to identify himself at a Winnetka Park District Board meeting, where he also agreed to drop his plans to build a six-and-a-half foot steel wall between his property and the public beach in response to a wave of public objections.

At the same meeting, Ishbia said he wouldn’t transfer the 71-foot-wide lakefront parcel to the city until all approvals are complete.

[CT] — Victoria Pruitt