xml:space="preserve">
xml:space="preserve">
Advertisement

Private equity executive Avy Stein sells Glencoe mansion for $8.5 million

A five-bedroom, 11,200-square-foot mansion on Lake Michigan in Glencoe that once was listed for $15 million sold last month for $8.5 million.

The French chateau-style mansion, which sits on 2.74 lakefront acres, was sold by Chicago private equity executive Avy Stein, who paid $8.1 million in 1998 for it. That means that Stein undoubtedly lost money on the mansion over his 18-year ownership.

Advertisement

Stein first listed the mansion in July 2015 for $15 million, an amount that made it the highest-priced listing of any home in Chicago's suburbs at that time. More than a year later, he cut his asking price to $12 million in August before finding a buyer last month.

Built in 1992 and designed by the architect Howard Holtzman, the mansion has six full baths, two half baths, a two-story grand foyer, a wood-paneled office, hardwood floors, custom moldings, three fireplaces, a gym, high ceilings, a 3,270-square-foot basement, a cantilevered bluestone deck, an in-ground pool and fully 322 feet of frontage on Lake Michigan. In addition, a previous listing agent told Elite Street that while Stein never expanded the mansion's footprint, he did spend about $1 million on interior and exterior work, including updating the home's mechanicals and adding a sport court, a multilevel area for golf that overlooks the lake, some new retaining walls and the cantilevered bluestone deck.

Advertisement

David Bailey, the managing broker of Baird & Warner's Lincoln Park office, confirmed the sale. Public records do not yet identify the buyer.

Bob Goldsborough is a freelance reporter.



Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement