Former Driehaus mansion sells for $4.5M in Gold Coast loss

The Gold Coast mansion that once belonged to the late Chicago investor and philanthropist Richard H. Driehaus sold for $4.5 million — a steep loss from its last sale in 2012. It’s the latest deal in a string of high-end properties listed by his estate since his death last year.

The drop in value totals $1.675 million from its price tag of $6.2 million achieved a decade ago. The sale closed on September 30 and was reported on public listing sites Monday.

The buyers haven’t been identified in public records. Connie Atterbury and Karen Schwartz, both of Dream Town Realty, brokered the deal, representing both the buyers and sellers.

Driehaus was the chief investment office and chairman at Driehaus Capital Management. He died in March 2021 at 78 of a cerebral hemorrhage, according to his obituary in the New York Times.

His philanthropy focused on historic preservation. He funded the Driehaus Museum in Chicago, an organization that focuses on the art and architecture of the Gilded A Karen Schwartz

1525 North State Parkway (Zillow)

The home, at 1525 North State Parkway, was built in 1895, and appears to reflect Driehaus’ interest in historic preservation, as it retains its Gilded Age style. The six-bedroom, eight-bathroom home includes seven fireplaces and two skylights.

Last month, his estate also listed another Gold Coast brick mansion at 1401 North Dearborn Street built in 1877 for just under $6 million. Earlier this year, it sold a massive estate in Lake Geneva, Wisconsin for $36 million, setting a local record.

Driehaus bought the North State Parkway property 10 years ago through a trust, with his then-wife Inese Romanovska Driehaus. According to Cook County Property records, the property was transferred to a trust in Inese’s name only. It’s unclear if the two were married at the time of his death.

Mansions are a rarity in the Gold Coast, where ultra-luxury apartments and condos are more standard, making them difficult to price, and large drops between asking prices and final sales prices have been common. The former Driehaus property was first listed in August for $4.9 million.

Another Gold Coast mansion sold for $7 million in July, almost half the asking price from when it was listed two years ago. That 10,000-square-foot Beaux-Arts style mansion at 15 West Burton Place, initially asked $13.5 million when it was placed on the market two years ago, and the price reduced to $10 million in June.