By Bob Goldsborough, Special to the Tribune
February 5, 2013
Someone paid a near-record price for a Winnetka mansion.
The Italian villa-style home, located on Lake Michigan, sold for $12.25 million, clocking in as one of the single highest-priced residential sales in Chicago-area history.
An unidentified bank trust bought the six-bedroom, 18-room villa from private-equity executive Patrick Haynes and his wife.
The Hayneses purchased the mansion for $7.1 million in 2005 and then set about gutting it and rebuilding it, hiring the Branca interior design firm to handle the work.
The mansion, built in 1928, has eight full baths, three half-baths and interior formal rooms that all face the lake. It also features his-and-hers offices, an exercise room, a wine room, a media room, an elevator, a third-floor suite with a mini-kitchen and five fireplaces. Outside on the 1.34-acre property are 150 feet of lakefront, an outdoor fireplace, a heated driveway, a pool, terraces and a six-car garage.
The mansion first was listed in July for $13.9 million.
"It's a spectacular home on the lakefront that was brought down to the studs and rebuilt," said listing agent Maureen Mohling of Coldwell Banker, who declined to identify the buyers. "The owner used the best artisans around."
At $12.25 million, the mansion's sale price is in rarefied air, surpassing all but a handful of sales in Chicago-area history.
In several cases, higher sale prices of large residential properties occurred largely because of their development potential. For instance, the U.S. Marshals Service in Chicago seized Near North Insurance owner Mickey Segal's Highland Park mansion and 17.5-acre estate after Segal was convicted of fraud. The Marshals Service then sold the estate for $19 million in 2006 to developer Orren Pickell, who turned around the following year and sold the entire estate to a Highland Park couple for an undisclosed amount that appeared to be $17 million to $19 million.
Pickell also paid $16 million in 2007 for a 25-acre estate in Lake Bluff that he planned to develop. After he ran into financial difficulties, he sold that estate to another developer in 2011 for just $7.5 million.
Citadel hedge fund founder Ken Griffin paid $15 million last year for a full-floor condo located immediately below his longtime condo in the Park Tower downtown.
$8.35M for Gold Coast units
The founder and CEO of Chicago private-equity firm Valor Equity Partners has paid $8.35 million for two adjoining condo units in a Gold Coast building.
Valor founder and CEO Antonio Gracias and his wife, Sabrina, bought the units in a private transaction from Harris Associates chief investment officer for international equities David Herro, who purchased them at the end of 2004 for $5.3 million. Herro continues to own and live in a separate condo unit on the same floor that he purchased in 2002 for $3.4 million.
Herro and Sabrina Gracias both declined to comment on the transaction. It ranks as one of the highest-priced Chicago condo deals. Besides Griffin's purchase, other higher-priced sales include Vince Vaughn's $12 million deal for a triplex penthouse atop the Palmolive building — which is now available for $16.75 million — and financier Jim Crown's $10.1 million purchase in 2002 of a duplex condo in Herro's building.
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