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Residential
Chicago

Winnetka mansion sells for $7.5M

Home is 14th to sell for at least $7 million this year

A photo illustration of 722 Prospect Avenue in Winnetka (Getty Images, Zillow)
A photo illustration of 722 Prospect Avenue in Winnetka (Getty Images, Zillow)

A Winnetka mansion sold for $7.5 million, signaling resilience for Chicago’s single-family suburban home market.

The six-bedroom, ten-bathroom home, custom-built in 2011 on more than an acre, closed on Aug. 8 and appeared to be an off market transaction, according to public listings. It includes an indoor basketball court, pool, home theater, golf simulator, club room and library, home gym, sauna and wine cellar, according to listing images.

Milena Birov of @properties Christie’s International Real Estate represented the sellers, and Jena Radnay of the same firm represented the buyers, who weren’ disclosed in public records. The sellers purchased the home with a title and trust company, and are not listed in Cook County records.

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The sellers bought the home for $5.2 million in 2011 and previously listed it in 2013 and 2014 for $7.6 million. It was the 14th to sell for at least $7 million this year in the Chicago metropolitan area, not including all off-market or private transactions.

The luxury market, especially high-end suburbs like Winnetka, hasn’t slowed to the same degree as other areas of Chicago, even as mortgage rates rise in tandem with concern a recession is on the way. The town has one of the area’s most expensive listings, a 1902 home seeking $16 million that sits on 1.75 acres and includes 151 feet of Lake Michigan beachfront.

Winnetka has 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.

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Housing MarketLuxury Real Estate