Marked Down to Move

Steep price drop lures buyer for modern Adler-like mansion

LAKE FOREST
List Price: $4.299 million
Sale Price: $3.5 million

In February, a new 14-room Lake Forest mansion that had sat unsold for three years finally found a buyer—who ended up paying only 54 percent of the original asking price. At the time of the sale, the list price was $4.299 million, but the developer, Legacy Custom Homes, had earlier priced the house at $6.5 million.

The 11,000-square-foot house has six bedrooms, eight-plus bathrooms, an enclosed three-season porch with a fireplace, and lots of ceiling beams, paneling, and other millwork. When he showed Deal Estate the unfinished house in September 2005, Rocco DeFilippis, Legacy’s chief, commented that the stucco and stone mansion—with its partial mansard roof, arch-wing shutters, and quoining on its corners—had been built to resemble one of the grand North Shore homes designed by David Adler early in the 20th century.

This house, which sits on about 1.5 acres, is one of three homes Legacy planned to build on a five-acre site off Green Bay Road. Only this house was completed; a second house burned down during construction. One parcel of the original acreage was sold in February for $1 million, while another 1.5-acre parcel remains on the market, priced at $1.4 million. Public records did not yet identify the buyer of the house, and DeFilippis declined to comment on the sale.

Send tips about high-end home sales to dennis@rodkin.com.

 

Photograph: Legacy Custom Homes, LLC

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