Suburban Chicago Lake House Sells for $22M

James Owens Jr. is the buyer behind the second-priciest home sale in Lake Geneva’s history.

The director with LSV Asset Management’s development team acquired the historic Aloha Lodge estate in August through a Wisconsin-based LLC for $21.85 million, the Chicago Tribune reported

The 20,000-square-foot mansion, which sits on 12 acres at 768 South Lake Shore Drive, was sold by the estate of Harold Byron Smith, a prominent business leader who died in 2022. Smith’s family legacy includes the founding of Northern Trust Bank and Illinois Tool Works, two major companies that helped shape the Chicago area’s business landscape.

The property had been listed for sale in May at $35 million, but after several price reductions, it eventually sold to Owens for $1,100 per square foot. The sale represents the second-highest property transaction on record in the lake town, coming just behind the $36 million sale of the Richard Driehaus estate in January 2022.

The property boasts 10 bedrooms, 13.5 bathrooms, and 16,000 square feet of living space. Other highlights include a three-bedroom guest house, a separate 1,800-square-foot building, a greenhouse, five boats and 368 feet of lake frontage.

Built in 1900 by Chicago architect Howard Van Doren Shaw, the mansion was built for Tracy and Anna Drake. Tracy and his brother John, sons of a hotel magnate, played a key role in developing Chicago’s Drake and Blackstone Hotels.

During Smith’s tenure as the owner, the mansion underwent substantial renovations. Upgrades included a new foundation, basement theater and the addition of two wings to the original structure.

Lake Geneva’s luxury home segment remains attractive to buyers, but asking prices are often reduced before a property goes under contract. Recent transactions with price cuts include a waterfront mansion on Lakeshore Drive in Fontana that sold for $12.7 million and a residence on Folly Lane that changed hands for $9.6 million.

— Andrew Terrell