Multi-Million-Dollar Chicago Mansion Under Contract

May 16, 2010

The master bathroom on Howe Street.

Guess not everyone is affected by the struggling Chicago real estate market: An East Lincoln Park mansion with an asking price of $8.5 million is under contract after being on the market for less than a month.

The three-story, single-family home, located at 1866 N. Howe St., was built in 2004 on a double lot next to Oz Park. It has six bedrooms, five baths, two half baths and a full basement, but let’s get to the fun stuff.

This 11,000-square-foot beauty includes a great room, a library, a fully equipped exercise room, a real in-home theater, a billiards room, a 50′ sports court about the four-car attached garage, a wet bar in the basement, two fireplaces, an elevator, a greenhouse, a patio and a roof deck.

The rooftop terrace on Banks Street.

According to property records, the home is owned by a private trust. While it’s certainly one of the most expensive homes for sale in the city, it’s not the highest. That distinction goes to a property at 25 E. Banks St.

That home, which has been on the market for more than three years, has an asking price of $9.5 million. The 15,000-square-foot mansion belongs to Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. Dimon first listed the home in April 2007 for $13.5 million, later dropped it to $10.5 million and last month reduced it to its current asking price.

25 E. Banks Street.

Built in 1880, the three-story home, located near Lake Michigan, Oak Street Beach and the Magnificent Mile, has eight bedrooms, 9 baths and two half baths, a full finished basement, two kitchens, a wine vault, a gym, a library, a great room/media room, two fireplaces, a rooftop terrace and an attached garage. The master suite occupies the entire second floor.

Janet Owen, of Chicago’s Sudler Sotheby’s International Realty, is the agent representing both houses.

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