Are There Too Many Mansions on the Market? A 9 Bedroom at 2466 N. Lakeview
According to Crain’s, one of the city’s mansions just sold to an heir of the Thai Red Bull fortune.
They do not, apparently, have ties to Chicago.
The house, which sold on Oct 11 for $7.5 million, is on Bellevue in the Gold Coast. Originally listed for $9 million, it was reduced $1 million before selling.
It is, so far, the most expensive single family home sale of the year.
Read the Crain’s coverage here.
But there are plenty of other expensive homes on the market.
In just Lincoln Park, there are currently 21 single family homes on the market listed for more than $4 million.
Included in those is the Theurer-Wrigley mansion at 2466 N. Lakeview.
We have chattered about it several times over the years and chattered about it again in February 2017 when it returned to the market…again.
See that chatter here.
If you recall, this is a special home.
It was listed on the National Register of Historic Places in 1980.
It has much of the features of a mansion built in 1896 including original cherry and mahogany wood paneling and staircases. It has crown molding and 5 fireplaces along with herringbone floors.
The main house has 9-bedrooms in 13,705 square feet. 5 of the bedrooms are on the second floor, three are on the third and one is in the lower level.
From the listing of what else the house includes:
“a grand foyer; a solarium; butler’s pantry; wine bar; walk-in vault; game rooms; staff quarters; a mahogany paneled library; sprawling master suite with his and hers baths; and top floor ball room with unobstructed Lincoln Park and Lake Michigan views.”
Yes, it actually has a grand ballroom.
No one is building one of those in a house anymore.
There is also a 2000 square foot coach house with 2 residential units on the 85×120 property with 5-car parking, 3 cars in a garage and 2-cars on the driveway.
There’s no central air and the kitchen, according to Crain’s, needs work. There are a few pictures of it in the listing.
In February, it was listed at $7.1 million but has been reduced to $5.5 million.
With the stock market at record highs, sales of the upper bracket have been strong.
But is there simply too much inventory now? Or is Chicago’s economy up to the challenge at that price point?
Anthony Disano at Parkvue Realty still has the listing. See the pictures here (be sure to check out the ballroom) as well as the floor plans, which are helpful:
2466 N. Lakeview: 9 bedrooms, 7.5 baths, 13,705 square feet in the main house, coach house with 2 apartments, 5 car parking
- Sold in April 2004 for $9 million
- Lis pendens foreclosure filed in May 2011
- Was listed in October 2011 for $9.5 million
- Withdrawn in October 2012
- Was listed in November 2014 for $8.695 million
- Withdrawn
- Bank owned by Bank of America in September 2016
- Was listed in February 2017 for $7.15 million
- Reduced
- Currently listed for $5.5 million
- Taxes are now $150,325 (they were $145,294 in 2014 and $118,395 in 2011)
- No central air- window units only
- 2 apartments in coach house for staff
- 5 fireplaces
- Ballroom
- Library: 16×14 (main floor)
- Bedroom #1: 20×17 (second floor)
- Bedroom #2: 18×12 (second floor)
- Bedroom #3: 14×12 (second floor)
- Bedroom #4: 20×13 (second floor)
- Bedroom #5: 15×12 (second floor)
- Bedroom #6: 18×13 (third floor)
- Bedroom #7: 19×16 (third floor)
- Bedroom #8: 11×10 (third floor)
- Bedroom #9: 15×12 (lower level)
Beautiful home, prime location, like a piece of Newport, RI in Chicago. Even if I had the means I don’t think I could stomach paying those exorbitant taxes though.
Assessed Value = $8,229,700
This one is a good candidate for appeal, once it sells.
Not enough fireplaces and 1.5 baths short of toilet-to-anus equilibrium. Jan Terri would love that bar & ball-room though…Pass me the old style and watch me get “turnt”.
Man, if I won the lottery…
This would seem perfect for a B&B / event space.
Great house
Who buys a $9MM house and goes belly up?
I was thinking B&B also, but I think it would still be too expensive to make money with the monthly mortgage, tax & maintenance on this place. Maybe Colonel Pritzker (who’s converted a couple mansions in Evanston into B&B’s as a historic preservation effort) would be interested.
The other possibility is to divide into high-end condos like the old Playboy mansion on State Parkway. Three 4000 sq. foot units (with new kitchens, AC, etc.), could each go for $2.5 MM+, and the Coach House for another $1MM+, yielding over $9 Million — that would allow for a few million for renovations, carrying costs and commissions plus still a healthy profit. Not sure how the layout would work for dividing up.
Who buys a $9MM house and goes belly up?
1. Someone who “lives large” and falls hard; or
2. The actual story–in this case, I believe—A smart investor who–after the market crash–realized they were better off walking away from their underwater mortgage and taking a loss of their down payment, rather than potentially losing millions more if they did the rehabs needed to make the place really nice.
if given to me free I couldn’t even afford the taxes on this house… ouch!
I used to go to an annual holiday party at this house in the 90s. (I want to say it was the Sunday PARADE magazine sponsored?) for the advertising/media industry. Was totally decked out. First floor was Thankgsgiving themed, second floor Xmas, and the Ballroom was New Years Eve – complete with balloons and glitter. What a house. Fun to explore and get lost in. If money were no object, the love and attention to this place would make it truly remarkable again. I think public/event space, foundation/museum/collection is the best route. Can’t imagine anyone wanting it as a private home again unless strictly a labor of love.
(Shoulda looked at the photos first). Well, looks like someone really did want it to be their own home. It’s in better shape now than it was back then. I’ll take it. No wait, I’d rather have one home/flat in each of London, Paris, Chicago for the same price.
“Yes, it actually has a grand ballroom. No one is building one of those in a house anymore.”
I knew someone in the neighboring condo building (2500 Lakeview) who purchased the unit (or two?) adjacent to their dwelling unit and converted it to a ballroom. Serious ballroom dancers (and mind readers). Nice folks.
Wow…Red Bull billionaire living in Gold Coast! AWESOME!
I love all the Jan Terri jokes, but I dont know what they’re referenced from or why they started. Can someone explain?
JAN TERRI SHAKES HEAD LOLZ!!!
THIS POST IS JAN TERRI APPROVED. GO DODGERS LOLZ!!!!!!!!!!
Mike, here you go. Jan Terri’s greatest hit… a Chicago legend.
https://www.youtube.com/watch?v=hLqvQUoxLFI
Oh my God, Jan is a classic!
Wow. I thought Jan Terri was something completely made up.
Look at all of those olden times people in that video!
“Serious ballroom dancers (and mind readers). Nice folks.”
so long as you aren’t a waiter…or so I hear.
Agree with Chicago Dog it was not livable space back when I last saw it in the 90’s.
The price seems rather low now for so much space in such a prime location, but I still think it could be hard to find a buyer. People with this kind of money who want this much room would probably rather build new to their own specifications and not have to deal with landmark designation. It should probably go back to being a place for parties.