DRW Holdings Founder Sells Lakefront Mansion for $7 Million

Real estate heavyweight Don Wilson Jr. turned a tidy profit on a lakefront property he bought five years ago.

The founder and CEO of DRW Holdings sold his mansion at 16096 Lake Avenue in Union Pier, Michigan, for $7 million in one of the region’s biggest deals of last year, the Chicago Tribune reported.

The 10,750-square-foot home sold for $651 per square foot; Wilson bought it for $4.05 million ($377 per square foot) in 2020.

Harbor Country has become a sought-after vacation and second-home destination for Chicagoans.

At least one off-market deal in nearby New Buffalo topped $8.5 million last year, but Wilson’s sale is believed to be one of the highest publicly listed sales in the area recently.

The region has long been a favored retreat for Chicagoans due to its proximity — just over an hour’s drive from the city. But demand for vacation homes in the area has surged in recent years, with limited inventory and rising prices proving its value as a second-home market.

The median listing home price in Union Pier, for example, jumped 50.6 percent year over year in February to $1.3 million, according to Realtor.com.

The 28,000-square-foot property has 99 feet of Lake Michigan frontage. Built in 2007, the home has eight bedrooms, six full bathrooms, a wine cellar, a 12-seat theater, a gym and a lake-facing deck with a pool.

Elizabeth Roch and Toni Philander Morris of @properties Christie’s International Real Estate had the listing. The buyer was represented by @properties Christie’s agent Janice Smith.

Wilson listed the home for $9.2 million in 2023 before cutting the asking price to $8.5 million later that year. The buyer’s identity is hidden by a Delaware LLC that owns homes in Chicago suburb Oak Park and Palm Beach, Florida.

Wilson owns a Lincoln Park mansion and is still marketing his Wicker Park residence at 1407 North Hoyne Avenue for $6 million after extensive renovations that combined the historic property with an adjacent coach house. He listed the Wicker Park mansion for almost $7 million in 2023.

Wilson manages broad real estate interests, including projects led by Convexity Properties, DRW’s real estate arm. Convexity is known for redeveloping Chicago landmarks like the Robey Hotel and the Three Arts Club.

— Judah Duke