Billionaire Mark Walter, CEO of Guggenheim Partners and part-owner of the Los Angeles Dodgers, has cashed out of a Lincoln Park mansion that he bought more than 20 years ago.
Walter and his wife, Kimbra, sold their three-story, 6,700-square-foot home for $4.2 million last month in an off-market deal, the Chicago Tribune reported. That’s about $626 per square foot. The address wasn’t reported.
The buyers’ identities have not been determined, as they used an opaque land trust to purchase the property. Few details are known about the mansion, since it was an off-market transaction.
The Walters decided to sell because they own another Lincoln Park mansion and no longer needed this one. They live in a 26,000-square-foot house they built in the 2010s after buying a five-lot assemblage for $9.1 million
The Walters’ former residence, acquired for $3.9 million in 2003, needed improvements, and they opted to sell it, after receiving an offer, instead of proceeding with the renovation. It’s unclear whether the new owners will demolish the home or renovate it.
The sold mansion had a property tax bill of $96,522 in 2022, while the Walters’ current residence incurred a $575,705 tax bill that year, the outlet reported.
Lincoln Park is often home to some of Chicago’s priciest residential sales and listings. Last May, an 11,000-square-foot home in the neighborhood traded for $10.6 million, marking the second-largest deal in Chicago’s city limits last year.
More recently, longtime real estate executive James Gearen sold his 38th floor condo at 2550 North Lakeview Avenue for just shy of $6 million.
A massive Lincoln Park estate underwent a $20 million price chop last year, reducing the asking price to just under $30 million. Still, it remained the most expensive listing in Chicago at the time.
—Quinn Donoghue
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