Former Kellogg CEO Takes 18% Loss on Chicago Mansion Sale

A Lincoln Park home has been taken off the market at a loss to the seller, who is a former chairman and CEO of food manufacturing giant Kellogg.

Jim Jenness and his wife, Sharon, sold their 7,200-square-foot home at 2010 North Mohawk Street for $3.3 million, or $458 per square foot, Crain’s reported. Dream Town Real Estate’s Michael O’Connor represented the undisclosed buyer, while Baird & Warner’s Millie Rosenbloom represented the couple.

The Jennesses originally purchased the home newly built in 2007 for $4 million, or $555 per square foot. However, adjusted for inflation, their initial purchase would equate to just under $6.1 million in 2024 dollars, or $843 per square foot, underscoring the steep financial hit they took.

The Jennesses’ 3-story residence, which spans three above-ground stories with an additional rooftop deck, went on the market in June at $3.45 million, or $479 per square foot. The house was already listed below its original purchase price, reflecting a softening in the luxury Lincoln Park market. It quickly attracted interest, going under contract in just 15 days before closing on August 29.

Jenness and his wife aren’t the only couple to sell their Lincoln Park homes at a loss. Retired Chicago Trading Company executive Paul Kepes and wife invested $20 million in a Lincoln Park mansion that they recently listed for $15 million, highlighting the risky nature of Chicago’s luxury real estate market.

The former Jenness property includes formal rooms on the main floor, with a living room featuring a carved marble fireplace. The open-concept kitchen and family room offer a modern space for living and entertaining. A private rear courtyard is enclosed by stone walls. The home also features a working elevator and a 2.5 car garage.

The Jennesses also maintain a home in Carefree, Arizona.

Jim’s connection with Kellogg began in 1974 during his tenure at Leo Burnett, where he worked on ads for well-known brands like Special K, Rice Krispies, and Eggo waffles. His successful advertising career eventually led him to the helm of Kellogg in 2004.

The sale of Jenness’ Lincoln Park home comes at a time when Kellogg itself is undergoing transformation. In 2023, the company split into two entities, with the snack business, now called Kellanova, headquartered in Chicago. This month, it was announced that Mars would acquire Kellanova in a $36 billion deal, marking another major shift in the company Jenness once led.

— Andrew Terrell