Sellers Shrug Off Lower Sale Price on Oak Brook House
List Price: $2.999 million
Sale Price: $3.1 million
The Property: This 11,000-square-foot house in Oak Brook’s Midwest Club nearly sold for about $4.2 million in 2008, but the deal fell apart, says the sellers’ agent, Jaime Adams. When it finally sold last Tuesday for $3.1 million—73 percent of that earlier amount—the sellers were pleased, not disappointed, she adds. “It’s a business transaction,” Adams explains. “They had set their emotions aside. For this market, we felt very good about the price.”
DuPage County records identify the sellers as William and Mary Castellano. In the 1980s, William Castellano built his computer leasing firm, NFC, into a $59 million business; Chrysler bought the company in 1987.
The couple built the 16-room house on almost an acre in 1988 and “constantly updated it,” Adams says. “They weren’t selling a 1988 house. All the appointments in the house were gorgeous, from the floors to the wall coverings. There’s a floor-to-ceiling cherry library that would cost $250,000 to replicate, and the gardens are spectacular.” The home also has a great room with two fireplaces, a 1,200-square-foot exercise room, and a kitchen by the Denver company William Ohs.
Adams says that the buyers are moving from another country and have a company here in Chicago. They are not yet identified in public records. The sellers, Adams says, “are ready to build another house.” According to the DuPage County Recorder, they bought a large lot in southeast Hinsdale for $4.35 million in June 2007.
Price Points: Only one other home in Oak Brook has sold for $3 million or more this year.