Lincoln Park estate back on market after recent $4.2M sale

The owners of a Lincoln Park estate are already looking to flip it and turn a $1 million profit. 

Just 50 days after billionaire Mark Walter and his wife, Kimbra, sold a 6,700-square foot home for $4.2 million, the double lot at 1942 North Orchard Street is back on the market with a $5.2 million price tag, Crain’s reported. The buyers’ identities were shielded through an opaque land trust. 

The property’s zoning allows for a residence exceeding 13,000 square feet, along with a five-car garage, according to listing agents James Sheehan and Andrew Thurston of Sheehan Real Estate.

The Walters’ modest profit from the January sale, a 7 percent increase from the $3.9 million they paid in 2003, may be negligible, considering their estimated net worth of $5.9 billion by Forbes. It’s also unclear how much the Walters were actually using the home.

Ten years ago, the couple built a 26,000-square-foot mansion on five lots across the street. The palatial estate commands one of the highest residential property tax bills in the city, the outlet said.

While there was speculation about Walter’s firm, Guggenheim Partners, potentially relocating to Miami following a report in May, the sale of the Orchard Street lot does not suggest any imminent plans, since the family’s long-standing residence has not been publicly listed for sale.

The potential for a mansion on the lot would align it with neighboring estates, including an 11,000-square-foot mansion that sold for $10.65 million in May, and the contemporary-style mansion of former U.S. Commerce Secretary Penny Pritzker. 

Other notable properties in the vicinity include Shore Capital founder Justin Ishbia’s $18 million assemblage, and Richard and Michaela Parrillo’s 25,000-square-foot mansion, initially priced at $50 million in 2016 and now listed for $23.5 million.

—Quinn Donoghue 

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