A fourth price chop was unleashed by the sellers of a lakefront Kenilworth mansion in a bid to draw buyers for a property that has been on the market for more than a year.
The 11,000-square-foot home at 501 Sheridan Road in the North Shore suburb is down to a $7.9 million asking price, a 43 percent reduction since it was first listed at $14 million in 2022.
The property trimmed $1 million off its asking price on Tuesday from its last price of $8.9 million.
It’s unclear who owns the lakefront property — Cook County property records on the listing are incomplete and it’s owned by a trust established by the late owners of the house who are not identified in public records.
Nancy Nugent, an agent with Jameson Sotheby’s International Realty representing the house, said the family of the sellers are more ready to part with the home after a year on the market, and that it’s been a sentimental process.
“I said to my client, ‘Look, we need to push this out to some lucky buyer that understands the value,’ because I have a lot of people … circling the block,” she said. “I know who they are. They’ve come to the house one way or the other. They’re waiting and watching and I said we need to give the buyer the best value proposition in terms of the pricing.”
The home isn’t the only high-priced listing to take a price cut in recent weeks. So did the most expensive listing in Chicago, a Lincoln Park mansion which recently shaved another $4.4 million off its ask, as well as the second-priciest listing at the exclusive St. Regis condo tower, where a unit got a $1.1 million reduction down to $7.6 million.
The Kenilworth listing also doesn’t say when the house was built. But Nugent previously said it had been constructed in the 1960s.
The appeal of the property is that there is additional table land that can be developed, a rarity on Lake Michigan, Nugent said.
“Kenilworth is a small community,” she said. “There’s only approximately 850 homes, and any of the ones that are on the lake, they’ve all been developed… There’s real investment value here. You just have to have the heart and soul to do it.”
The five-bedroom, six-bathroom home appears to be marketed as either a renovation or teardown, with the listing including the suggestion that agents “bring your buyers with their architects and designers.” The listing includes more than 1.5 acres across two lots. Currently, the home is on one lot with a sculpture garden in the other lot.
The home doesn’t have a beach, but does have a walkway with a lower deck near the edge of the lake. The home also includes a three-car garage, elevator, and a one-bedroom suite for guests or staff, according to the listing.
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