Oct
02

Metro Chicago Real Estate Fetches $7 Million

October 02, 2011

Looks like someone is doing alright in this tough Chicago real estate market.

A Lake Forest estate pulled in $7.2 million last week, the most paid for a single-family home in this area in 2011.

And, it sold in less than a year.

303 Bluff's Edge Drive in Lake Forest

The lakefront property at 303 Bluff’s Edge Drive in the affluent North Shore suburb once belonged to A. Watson Armour III of the Armour & Co. meatpacking family, and his wife, Sara. Mr. Armour died in 1991 and Mrs. Armour passed last August.

Technically, the sale included the home, which sold for $4.4 million, and a vacant, two-acre lot next door that sold for $2.75 million. Both sold on the same day, but the buyer was not disclosed, so it is unclear whether one entity invested in both.

The properties hit the market last November with a price tag of $5 million for the home and $4 million for the lot. Most homes with million-dollar price tags are averaging two years on the market.

The Lake Forest mansion, situated along Lake Michigan in the suburb’s southeast side, was built in 1958 by Lake Forest architect Stanley Anderson.

The Armours purchased it in the ’80s and added more than $1 million in renovations, including a second floor, which was constructed by Charles Thompson, a New York architect that helped build Aristotle Onassis’ Manhattan abode.

The 7,854-square-foot home in Lake Forest offers five bedrooms, six full baths and two half baths, a library, a solarium, an elevator, an outdoor pool, 240 feet of private shoreline, and a hefty tax bill in 2009 of $76,023.

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