Former paper exec takes cut on Lake Forest estate

Listed for $6.8 million in May, the home closed in late September for $5 million

930 Lake Rd, Lake Forest (Zillow, Getty)
930 Lake Rd, Lake Forest (Zillow, Getty)

A home in Lake Forest sold at a $1.8 million discount as the North Shore’s real estate market begins to show signs of slowing down.

Built in 2016, the nearly 6,000-square-foot home sold for $5 million. It was originally listed in May for $6.8 million. It’s one of several on the North Shore that have taken steep price cuts amid rising interest and fears of a recession.

The five-bedroom, eight bathroom home is owned by Miles and Lorna Marsh, according to Lake County property records. Miles March was an executive at a number of Chicago-area firms according to previous reporting on the house by Crain’s, before taking the job of CEO Green Bay, Wisconsin-based paper company James River, which later merged with a rival to become Fort James. March remained CEO of the merged company until 2000, when it was acquired by Georgia-Pacific. He later served on the board of Morgan Stanley and several other companies.

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Houda Chedid with Coldwell Banker Realty represented the sellers and Casey Declerk with Compass represented the buyers. Neither agent responded to a request for comment regarding the sale or its price cut.

The Marshes purchased the property for $2.25 million in 2012. The Greek Revival-style home was designed by Steve Rugo architects and built by Legacy Homes on the 1.15 acre property. Amenities include heated floors, an elevator, in-ground pool and a 1600-bottle wine cellar. The Lake Road home is about a block from Lake Michigan.

Other recent price cuts on the North shore include a Winnetka that sold for $12.75 million after initially asking $16 million. The Lake Forest home of the real -life inspiration of Daisy Buchanan in F. Scott Fitzgerald’s The Great Gatsby sold for $7.5 million–the highest price for a home in the town in four years, but still $3 million less than its first $10.5 million asking price.

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