Lake Geneva’s Stoney Hollow mansion listed at $11M

A waterfront Lake Geneva estate is up for grabs, and it could be one of the few mansions in the area to sell for eight figures.

Stoney Hollow, a 12,000-square-foot mansion on Folly Lane, recently hit the market at $11 million, Crain’s reported. David Curry of Geneva Lakefront Realty is the listing agent, representing owners Nick and Kimberly Calamos.

If it sells for close to the asking price, it would be the sixth Lake Geneva mansion to trade for at least $10 million since 2016. Recently, an 8,700-square-foot house on Loramoor Drive was snagged for $14 million, topping all Chicago-area home sales this year. That was the first $10 million-plus sale in Lake Geneva since October 2022, when the 12,280-square-foot Villa Hortensia on Snake Road traded for $17 million.

It’s tough to say if Stoney Hollow will ultimately sell beyond the $10 million threshold.

On one hand, high mortgage rates are putting a lot of prospective buyers in a wait-and-see mode, forcing sellers to undergo substantial price chops while their homes linger on the market. Even though potential buyers considering such a home are likely to pay cash instead of using a mortgage, broader economic uncertainty stemming from surging interest rates has suppressed transaction volumes at the high end of real estate, too, according to some agents with luxury listings in the Chicago area.

However, buyers are desperate in some cases and offering more than the asking price in affluent areas like Lake Geneva, where the second-home market is competitive due to tight inventory.

The Calamos bought the five-bedroom Folly Lane estate for $7.2 million in 2017, the outlet reported, citing Walworth County property records. The property has 128 feet of Lake Geneva shoreline, a two-slip pier, boathouse and a guest house.

Stoney Hollow, clad with a stone and timber Tudor exterior, has a massive great room, eight fireplaces, a newly added screen-in porch, heated driveway and picturesque landscaping. 

Nick Calamos is a former executive at Calamos Investments, a $36 billion company founded by his uncle, John Calamos.

— Quinn Donoghue 

Read more

Chicago

Waterfront Lake Geneva estate sold for $14M in priciest deal this year

Chicago

Lake Geneva home sells for $17M in second-priciest deal ever

Chicago

Lake Geneva’s “Aloha Lodge” hitting market at $35M