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Chicago

Highland Park estate seeks record price on relisting

Back on market at $6M after failing to move at same price in 2021

A $6 million blufftop estate in Highland Park could be a record-setting deal for the suburb — if it sells near its asking price.

The five-bedroom, eight-bathroom home at 55 Prospect Avenue listed Monday for just under $6 million. Built in 1995, the 10,000-square-foot home was built on 1.5 acres and includes 175 feet of Lake Michigan beachfront.

Designed by Chicago-based architect Marvin Herman, the Nantucket-style home includes a six-car heated garage, coach house and elevator, among other amenities. Jena Radnay with @properties Christie’s International Real Estate, who represents the seller, did not respond to a request for comment.

The home was originally listed in 2021 for $6 million before being removed from the market for a year or so. The home last sold for $5 million in 2006.

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The home is one of four listed in the affluent suburb for over four million. That includes two other homes in the $6 million to $7 million range as well as Michael Jordan’s custom seven-acre estate and mansion listed for $14.8 million. Jordan’s property, which includes a full-sized basketball court among other custom amenities, goes back to his time playing for the Chicago Bulls.

Only four homes have sold at or above $4 million in Highland Park this year, and none of those have topped $4.5 million. The last home to sell at or over $6 million was a seven-bedroom, eleven-bathroom home on Crescent Court. The 11,000-square-foot home sold in late 2021 and its $6 million price tag was a record for that year in Highland Park, but still less than half of the sellers original asking price of $13.5 million, according to prior reporting by Crains.

It’s unclear if the Prospect Avenue listing will sell for $6 million or even close to it. Price cuts, often steep ones, have been a hallmark of Chicago’s luxury market lately. Many of this year’s priciest deals have undergone substantial shaves, including the $20 million Trump Tower Chicago penthouse sale that was cut from a $30 million list price.

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Highland ParkHousing MarketLuxury Real Estate