Former Glencoe home of beer magnate relists for $12M after 33% price cut

A mansion built for Pabst Brewing Company president and chairman Harris Perlstein in the 1930s is back on the market in Glencoe with a considerably lower price — $12 million.

Previously listed for $18 million, the home has been on and off and market since early 2021. Early last year the home was cut to $16 million before it was removed from the market for the majority of last year.

The total trim since its initial listing amounts to a 33 percent chop, and follows several big price cuts on Chicago-area luxury homes as high-end sellers increasingly come to grips with a price ceiling that’s lower than they wished.

That’s despite strong deal volume for properties at the top of the market even since the broader residential transaction slowdown brought on by rising interest rates. In recent days, sellers of mansions in suburban Highland Park and Lake Forest cut prices by $800,000 and $1 million, respectively, while Chicago’s most expensive listing, a massive mansion in Lincoln Park, underwent a $15 million chop down to $30 million.

The 20,000-square mansion has nine bedrooms and 19 bathrooms. The estate spreads across more than two acres and was completely renovated over three years before being listed in 2021.

Izabela Dianovsky, an agent with Jameson Sotheby’s International Realty, is representing the home and did not respond to a request for comment.

The home has had several sales involving high-profile business leaders throughout the last 20 years, according to published reports.

Steven Mendes, of the Chicago Mercantile Exchange, paid $2.15 million for the property in 1997. After a renovation, Mendes listed the mansion for $11 million before selling it in late 1999 for $7.05 million to Red Hat Software co-founder Marc Ewing and his wife. The Ewings listed the mansion for $14 million in 2003.

It sat on the market for the next six years before it sold in 2009 to venture capitalist Adam Brass for $5.2 million. Brass sold it in 2014 to Guggenheim executive Jeffrey S. Lange for $4.8 million. Lange died in 2017, and his estate sold the mansion to Anita Lisek and Bart Przyjemski, founders of Chicago-based Noah Properties, for $3.575 million. They’ve put it through an extensive overhaul.

Amenities include two gated entrances, a motor court, a courtyard, swimming pool with a slide, spa, fire pit, pool house with full kitchen and powder room, half basketball court, half soccer field, a seven car garage with attached coach house, library, home theater, gym, two sauna rooms, climate controlled walk-in wine cellar, and an elevator.

The property is the highest priced public listing in Glencoe and should the home sell at its asking price it would be the highest priced home to sell there in recent years.

In September, two glencoe mansions were listed for $14 million. Those are no longer publicly listed. The homes, located at 505 and 595 Longwood Avenue, are both listed through a private network. The mansions are the only ones on the block listed for more than $10 million.