Chicago-Area's Most Expensive Home Sells for $19.5 Million

Chicago-Area's Most Expensive Home Sells for $19.5 Million

It’s the kind of sale most Chicago real estate agents dream about. 

Reports surfaced recently that the most expensive home ever sold in the Chicago market closed in early August for $19.5 million.

Because the home was never listed on the Multiple Listing Service used by real estate professionals to buy and sell homes, details of its sale are difficult to find. However, according to public documents and reports, the north suburban Glencoe home was most recently owned by Chicago financial executive David Helfand and sold to a Delaware trust company.

RELATED: Realtors: Chicago-Area Home Sales Decreased in August, Prices Up

It was built in 1917 by world-renowned Chicago architect Howard Van Doren Shaw in 1917 on the shore of Lake Michigan in the French Normandy style. 

The home faced demolition in 2002 from its former owner, an Evanston-based investor who had plans to subdivide the lot for more homes, reports state. After opposition from local preservationists and the neighborhood's homeowner's association, the investor sold the home to Helfand later that year for $6.8 million 

Helfand saved the home from complete demolition, but tore down about two thirds of the original home, rebuilding and expanding it with the help of Chicago architect Marvin Herman, according to reports.

The current 15,000-square-foot home sits on about 2.7 acres of prime lakefront real estate and boasts six bathrooms, three garages and four fireplaces, according to Cook County Assessor records. The home also includes a private beach, tennis court and pool. 

While the home may be the most expensive sold in the Chicago, it is not the priciest listing. That title belongs to a home owned by Chicago Bulls player Michael Jordan, who originally listed his 56,000-square-foot compound in Highland Park in 2012 for $29 million. The home still has not sold, and was most recently listed at $16 million.

Thinking of testing the waters of the real estate market? Check out our guide to buying and selling homes.


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Realtors: Chicago-Area Home Sales Decreased in August, Prices Up

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Chicago home sales were off 15.3 percent in August compared to the same month in 2013.  (Photo by Steven Jack)
Chicago home sales were off 15.3 percent in August compared to the same month in 2013. (Photo by Steven Jack)

Illinois Association of Realtors report says tight home-buying credit market and lower housing inventory to blame for sluggish home sales in Chicago, suburbs.

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