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Developer Fred Latsko pays $1.6 million for vintage Gold Coast mansion

Developer and socialite Fred Latsko paid $1.6 million on March 11 for a five-bedroom, 4,700-square-foot, all-brick vintage mansion on the Gold Coast.

Latsko, 50, has owned numerous residential properties in Chicago over the years, the most notable of which is the landmarked, 9,768-square-foot Francis J. Dewes mansion in Lincoln Park, which Latsko had last listed in 2013 for $12.5 million.

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Now, through a land trust, Latsko has purchased an 11-room mansion on Astor Street, which was built in 1887 and has 4-1/2 baths, a partially finished basement, intricate architectural details such as built-in bookcases with leaded glass in the living room; custom woodwork; plaster molding; five fireplaces; arched double French doors in the family room that open to a Juliet balcony; a dining room with a rounded window seat under a bay window; a kitchen with wood floors, an island and built-in cabinetry; a master bath with a claw-foot tub; and a large fenced side yard.

The mansion, which sits on a 71-foot-wide lot, "was too good (a) value not to purchase," Latsko told Elite Street in a text message. When asked whether he and his family plan to eventually occupy the mansion, he replied that it was "undecided, as we would like to downsize just don't know when."

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Known as the John G. Garibaldi mansion after an early owner who was an executive with the produce firm Garibaldi & Cuneo, the mansion was the residence of the French consul in Chicago in the 1960s. The mansion was listed early last year for $2.995 million and later was reduced to $2.5 million, $2.4 million, $2.3 million, $2.2 million and finally in January to $2.1 million before finding a buyer.

The seller of the mansion was the Betty Reid Selseth Trust. Catherine Simmons-Gill is trustee of that trust.

An earlier version of this story incorrectly described the transaction.

Bob Goldsborough is a freelance reporter.

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