A Glencoe mansion, once home to a prominent retail executive, will soon make way for a trio of upscale homes.
Jon Kogan, head of Northbrook’s Highgate Builders, recently purchased a 2-acre estate at 5 Briar Lane for $3.95 million, a considerable markdown from the property’s almost $11 million asking price, set nearly two decades ago, Crain’s reported.
The parcel, bordered on three sides by Skokie Country Club, holds a 14,000-square-foot Tudor Revival mansion built in 1929. Kogan opted for redevelopment, targeting the high demand for new luxury homes in Glencoe.
“Nobody wants a 14,000-square-foot house that needs a lot of work,” he said.
Highgate Builders plans to construct three homes ranging from 6,500 to 8,500 square feet. One buyer is already confirmed, and another is expected soon, Kogan said. Should any parcels remain unsold by mid-December, they’ll be listed publicly. The asking prices weren’t reported.
This historic property has changed hands several times since its 1929 construction for department store executive Elmer Wieboldt.
Ron and Cynthia Schmidt purchased the estate in 1989 for $1.4 million and placed it on the market in 2006, but its size and upkeep requirements deterred many potential buyers. The home includes 16 rooms, a swimming pool, a tennis court and an attached three-car coach house.
The Schmidts first asked $10.9 million, yet market conditions, combined with the home’s considerable upkeep, ultimately brought the asking price down to $5 million before going under contract for just under $4 million, about $285 per square foot.The couple was represented by Michael Mitchell, Carol Gooze and Linda Rosenbloom of @properties Christie’s International Real Estate.
Affluent buyers are increasingly gravitating toward new construction in Glencoe rather than undertaking extensive renovations on older estates.
The Chicago suburb has seen several multi-million dollar home sales in the past year. The estate at 595 Longwood Avenue fetched $7.25 million ($826 per square foot), just over half of its 2022 asking price of $13.8 million, ($1,572 per square foot). Another buyer paid $8.2 million ($851 per square foot) for a nearby 9,600-square-foot mansion.
Kogan’s project also parallels a recent development at the nearby Hoover estate, where Skokie-based developer B-3 Companies recently sold off 11 of 29 subdivided lots. The lots, situated on a 12-acre former estate at 1801 Green Bay Road, are priced between $895,000 and $1.2 million.
— Andrew Terrell
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