A Barrington Hills mansion was poised to sell after a decade via auction, but even after holding one its owners are still in search of a buyer. It’s a situation with echoes of other super high-end homes in Chicagoland facing similarly prolonged sales processes and a tiny pool of buyers.
The 17,6000-square-foot estate at 45 Lakeview Lane, which appeared in the hit show “Empire,” is still up for grabs after an unsuccessful auction sale last month, Crain’s reported. The 8.3-acre property has been on the market for 10 years, hitting the market at $15.3 million in June 2013 and dropping to $9.5 million by May 2023.
The July 15 auction, handled by Elite Auctions, was set to determine the true market value of the mansion. However, despite the promise of a “date-certain sale,” in which the highest bidder would win regardless of the price, the property remains unsold.
Other Chicago-area mansions to hit the auction block have endured similar challenges, partly because of procedural and technical exits that sellers can use to leave deals built into the process.
“If you’re not going to have an absolute auction,” where the property will for sure be sold to the highest bidder, “you probably shouldn’t tell people you’re auctioning their home,” Diana Peterson, CEO of Northbrook real estate firm AW Properties Global, told the outlet.
An “absolute auction” contrasts with auctions featuring “trap doors” or “reassurances” for sellers, allowing them to avoid selling if initial bids are unappealing. The owners of the Barrington Hills mansion had this option.
Despite the failed sell-off, the auction’s marketing efforts garnered significant attention for the property. Auctions, whether held traditionally or online, can amplify visibility for stagnant luxury listings.
Other Chicago-area homes offered via auction without being sold afterward include a lavish Winnetka estate, Michael Jordan’s Highland Park mansion and a 19th-century mansion in Chicago’s Gold Coast neighborhood, the outlet reported.
— Quinn Donoghue
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