Bill Wrigley Jr. Selling Chicago Homes

April 09, 2012

Bill Wrigley Jr.  has unloaded his properties in and around the Chicago real estate market. The former chairman of Wm. Wrigley Jr. Co. just sold his Lake Forest mansion and two penthouse condo units on Chicago’s Gold Coast.

The 11,013-square-foot, Italianate-style Lake Forest mansion that Wrigley, 48, purchased in 2003 for $9.9 million was originally put on the market in 2009 for a listing price of $14.5 million.

The 20-room mansion and its seven bedrooms designed by architect Howard Van Doren Shaw in 1912 sat on the market without any takers, forcing the chewing gum heir to drop the asking price to his original purchase price of $9.9 million. That asking price didn’t fetch any buyers, forcing Wrigley to reduce the price to $8.5 million before selling the mansion to entrepreneur Paul J. Burt for $6.9 million.

65 e. goethe chicago

65 E. Goethe in Chicago

After purchasing the top floor of an eight-story luxury condo building at 65 E. Goethe St. on the city’s Gold Coast for $10.1 million in 2002, Wrigley never fleshed out the building’s unfinished 13,200-square-foot space and tried to sell the entire floor for $14 million in 2009. Much like the Cubs recent seasons, this proved to be unsuccessful and Wrigley split the floor into three separate units. Selling the property piecemeal proved more effective with the north and east portions of the floor selling for $6.7 million to trader Andrew Hall.

The remaining 3,187-square-foot west portion of the Gold Coast building is sitting on the market with an asking price of $4 million.

So is the son from one of Chicago’s most iconic families leaving the Windy City? It’s possible considering that Wrigley paid $11 million in 2009 for a home in North Palm Beach, Florida, and shelled out $11.53 million for property in Aspen that same year. Perhaps Wrigley Jr. has waited long enough for the team that plays in the the ballpark named after his family to win the World Series.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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