Gold Coast Mansion Finally Finds a Buyer: 1432 N. State Parkway
Crain’s reported last week that the 8-bedroom vintage mansion and coach house at 1432 N. State Parkway in the Gold Coast has finally found a buyer.
We last chattered about the house in September 2010.
See our prior chatter here.
Developer Steven Fifield is moving back to Chicago, agreeing to pay $5 million for a Gold Coast mansion owned by a prominent lawyer.
Mr. Fifield moved to California in 2007, paying $24 million for a five-acre estate in Brentwood, a wealthy enclave of Los Angeles. He has been trying to sell that property since February 2009, most recently asking just under $29 million for the 10-bedroom mansion with a vineyard, a swimming pool and a tennis court.
Mr. Fifield took the California mansion off the market in December. Sources say he may have a deal in place to sell it.
Even though many sellers have lowered their prices, it’s still a challenge to find buyers for some of the older historic homes along State Parkway, says Douglas Smith of Prudential Rubloff Properties, which is marketing a home at 1521 N. State Parkway that’s listed for $4.9 million.
“A lot of these homes need updating,” he says. “It’s a unique buyer that wants to pay millions for a house and then pay more to restore it.”
Built in 1883 by Chicago architect A. M. F. Colton, the exterior of Mr. Tetzlaff’s property was featured in the 1980s sitcom “Webster.” It couldn’t be determined how much he paid for the property, which includes a three-story main residence of 7,600 square feet with seven bedrooms, six full bathrooms and three fireplaces, and a separate carriage house.
Developer to pay $5 million for lawyer’s Gold Coast home [Crain’s Chicago Business, Andrew Schroedter, March 17, 2011]
The house was an a 50×132 lot with a unique side drive.
Many of the vintage features had been preserved including wood moldings and 3 fireplaces.
Mary Bennett at Koenig & Strey had the listing.
1432 N. State Parkway: 8 bedrooms, 6.5 baths, 9600 square feet, 2.5 car parking
- I couldn’t find a prior sales price going back to the 1980s
- Was listed in October 2008 for $7.25 million
- Reduced
- Was listed in September 2010 for $5.9 million
- Sold in March 2011 for $5 million (according to Crain’s)
- Taxes of $50,655
- Space pac cooling
- Coach house: 3 bedrooms, 1 bath
This is good for the city coffers. Current taxes are 50k. Make that 75k based on the purchase price plus a huge renovation, you could see 100k annually or over $1M in perpetual tax value.
This is the equivalent of an entire blighted city block in Englewood suddenly rehabitated with tax paying residents.
like the proposed budget cuts by the idiots in DC… tis merely a drop in the bucket JMM
It is a big drop. The trend is your friend.
You have to give Fifield credit for having guts and risk tolerance, and therefore rewards. He built Alta at K station and that seemed like a gigantic risk, due to the location, and the fact that the previous owner couldn’t get anything done there for 10 years, incl. never getting the Jewel going, which is now there.
I cant wait to see the finished product, as always i have my tweezers and will buy my son new shoes on the slight hint they took out the vintage for the pottery barn look
What’s the point of buying a place if you are going to move in 2 years? Seems like a big pain in the ass to move all your junk, only to relocate again and again. Why not just rent, even if you rent a mansion.
I guess at this level of wealth, it becomes a game with monopoly money.
How easy would it be to hire a professional antique dealer to furnish this house with auction pieces, then merely sell them back at auction when you move? Hell, in some cases the price of the furnishings, fixtures, art may have appreciated. Would that strategy work? Seems like a smarter way to furnish a big house rather than blowing tons of money on Baker at full retail, which simply depreciates.
According to Crain’s, this house just sold again.
“Jerald Lasky, a real estate developer who owned the house via a trust that concealed his name, sold the seven-bedroom, 9,600-square-foot house for $5.8 million July 12, according to the Cook County clerk. Lasky bought the house in February 2021 for $5.26 million.”
https://www.chicagobusiness.com/residential-real-estate/gold-coast-house-where-dwyane-wade-tvs-webster-have-lived-has-sold