Owners of a lakefront Glencoe mansion aren’t willing to play the waiting game defining the North Shore’s high-end housing market, and instead are showing some flexibility with a hefty price cut.
The home at 325 Shoreline Court cut its price by $1 million after sitting on the market since November. Originally seeking just under $8 million, the home is now asking $7 million, a 13 percent decrease.
The five-bedroom, seven-bathroom modernist home, which has 130 feet of frontage on Lake Michigan, last sold for $5.1 million in 2019.
The buyer’s identity is obscured in public records through a trust named as the owner of the property.
Despite the cut, the home is still one of the priciest public listings in Glencoe. Nine other homes for sale are asking more than $4 million in the affluent North Shore suburb. Jena Radnay, an agent with @properties, is representing the listing and did not respond to a request for comment.
The home is one of many to reduce its asking price in recent months in hopes of attracting a buyer. Chicago’s most expensive listing, a massive mansion in Lincoln Park, underwent a $15 million chop down to $30 million earlier this year.
Even the listings in Glencoe that are pricier than the Shoreline Court home have taken price cuts and have yet to identify a buyer. That includes the $12 million home built in 1936 for an executive of the Pabst Brewing Company, and an $11.9 million listing also on Lake Michigan’s shoreline that just chopped its ask this month from nearly $14 million.
The property once belonged to lawyer-turned-crime novelist Scott Turow. Turow and his then-wife, Annette, purchased the property in 2001 for $4.79 million. Turow, also a partner with the Dentons law firm, has written a number of books, most notably, “Presumed Innocent,” which was adapted into a movie starring Harrison Ford.
After Turow, the owner was Yothin Dumnernchanvanit, head of a Thailand-based company, according to published reports at the time of a previous sale. He sold it to its current owner.
The home was designed by Tony Grunsfeld and includes 21-foot floor-to-ceiling windows overlooking the lake, an indoor basketball court, as well as just under an acre of land.
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