search

The Real Deal Logo

Trending

“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87MHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
Residential
Chicago

Banker pays $4.75M for Winnetka Mansion

Home was designed by decorator Julia Buckingham, featured in her book

Jeffrey Powell and 185 Old Green Bay Road (Corporate Trust Insights, Zillow, Getty Images)
Jeffrey Powell and 185 Old Green Bay Road (Corporate Trust Insights, Zillow, Getty Images)

A Georgian mansion in Winnetka sold for $4.75 million last month after just four days on the market, reflecting the strength of Chicago’s suburban luxury housing market.

The 7,800-square-foot home on Old Green Bay Road has six bedrooms and nine bathrooms. Jill Severino, a trustee, sold the residence to Kristen and Jeffrey Powell on July 15, according to Cook County property records. Jeffrey J Powell is a banker, consultant and author who is president of Corporate Trust Insights..

Built in 2014, the home is less than an acre and includes two first-floor wet bars, two laundry areas, two mudrooms, a three-car garage, a 1,000-bottle wine cellar, a sport court, an exercise room and adjoining sauna.

The home was designed by Chicago-based interior decorator Julia Buckingham and is featured in her design book, “Modernique.” Leslie Maguire of @properties Christie’s International Real Estate represented the seller and Jena Radnay of the same firm represented the buyer.

About 80 homes have sold at or above $4 million this year in the Chicago area. The luxury market, especially in the suburbs, hasn’t slowed to the same degree of other markets, even as mortgage rates rise in tandem with concern a recession is on the way.

Sign Up for the undefined Newsletter

Winnetka is among the city’s smallest and wealthiest suburbs, with a population of about 12,000. The town has one of the area’s most expensive listings, a 1902 home seeking $16 million.

It’s also been the center of controversy in recent weeks after city officials dropped plans to build a seawall between a public beach and local billionaire Justin Ishbia’s property after public outcry. The proposal would have put a six-and-a-half foot steel wall built atop stone breakwaters on park district property, not Ishbia’s property next door.

Ishbia had proposed a land swap deal with Winnetka Park District that combined two Winnetka parks that were separated by an individual residential lot.

UPDATE 08/05/22: This story has been updated to restore the dropped word “million” to the first paragraph.

Read more

Tags
Housing MarketLuxury Real Estate