Soybean mogul Aluizio Riberio is headed back to Brazil with his family less than a year after he paid $6 million for a renovated, century-old home in the wealthy Chicago suburb of Hinsdale.
The historic home, which was heavily renovated in 2023, is back on the market priced just below what Riberio paid for it in August of last year. “Family and business decisions” are taking Riberio, the president and CEO of Incobrasa Industries, and his family back to Brazil, listing agent Dawn McKenna of Coldwell Banker Realty said.
“They sort of jumped the gun, and now they’re putting it back on,” McKenna said.
It is more difficult to break even on a sale, much less turn a profit, when a home is placed back on the market in a short timespan like this. McKenna said her seller is “reasonable, rational,” but far from desperate.
“My seller is a very smart person, and they understand that they’re getting out quickly,” she said. “He’s prepared to have the market come to him.”
Pricing the home, at 420 South Park Avenue, near the price they paid and listing it at the end of the school year will help, McKenna said.
Demand for Hinsdale’s luxury homes is starting to give North Shore suburbs a run for their money, and inventory around this price point is low, as parents look to purchase homes to get their kids enrolled in local schools before August, McKenna said. They are already booked out with showings after one day on the market, she said.
Only four other Hinsdale listings, public or private, over $4 million are on the market, including the home on Park Avenue, McKenna said. Public listing information shows just one other home near that price point, a home on South County Line Road listed for $5.5 million in March.
McKenna has the listing along with Lauren Walz, also of the Dawn McKenna Group.
Built in 1924 by architect Alfred F. Pashley, the six-bedroom, six-bathroom home in central Hinsdale is also known as Château du Parc. It spans over half an acre on a corner lot and includes a coach house. This, along with the home’s mix of a vintage exterior with a modern interior, is “rare,” McKenna said.
“I think rare wins every time,” she said.
The home features a stucco exterior, steel casement windows, a slate roof and handcrafted iron details, according to listing information.
It was once threatened by demolition as demand in Hinsdale soared and buyers sought out centrally located properties with structures they could tear down and replace. That was before its previous owner, Jameson Sotheby’s International Realty broker Mimi Collins, purchased it with her husband in 2021.
Collins, a preservationist, carefully renovated the home in 2023, rehabbing the interior and layout of the home while preserving the structure and exterior of the home in keeping with the village’s newly established Historic Overlay District, Crain’s reported.
In contrast to a landmark designation, the overlay district is all carrots, no sticks and aims to encourage homeowners and developers to preserve the town’s history by streamlining the permit process and matching grant funds for preservation, restoration and rehabilitation work. The program, which began in 2022, also grants eligible owners a property tax rebate for the village’s portion of their tax bill if they include their home on the village’s list of “historically significant structures.”
Collins purchased the home for $1.8 million in 2021 and, after completing renovations in 2023, sold it to Riberio for $6 million last summer. The exact cost of the renovations is unclear, but Collins told Crain’s that the costs exceeded what she paid for the property.
Incobrasa Industries is owned by the Ribeiro family, with Aluizio Ribeiro serving as president and CEO.
Aluizio and his wife, Sabrina, have been recognized for their contributions to local charity events, as highlighted in Hinsdale Living magazine. Despite their visible presence in Hinsdale, DuPage County records don’t list the Ribeiros as homeowners under their names, listing the company name instead.
Incobrasa’s founder Renato Ribeiro made a move from Brazil to Illinois, where he began acquiring agricultural land. As of early 2024, Incobrasa, based in the small town of Gilman, Illinois, owned over 12,500 acres, according to the Illinois Society of Professional Farm Managers.
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Residential
Chicago
Soybean magnates bought $6M century-old Hinsdale mansion