Chicago Cubs Chairman Tom Ricketts and his wife, Cecelia, are erecting a mansion on Lake Michigan in Wilmette with an estimated construction cost of $10.74 million.
Tom Ricketts, 50, has been the Cubs' chairman since his family purchased the club in 2009. The son of TD Ameritrade founder Joe Ricketts, Tom Ricketts also is the CEO of Chicago-based Incapital LLC and sits on TD Ameritrade's board.
Longtime Wilmette residents, Tom and Cecelia Ricketts now are trading up, preparing for an eastward move to the lakefront. In 2013, the couple paid $7 million through a Delaware-based limited liability company for the 0.67-acre site on Lake Michigan. They recently demolished the two-story house on the property, which had been built in 1917.
Although Wilmette officials have not yet made public the plans or dimensions of the mansion, village records show the couple have hired the New York-based firm of noted new classical architect Robert A.M. Stern for its design. Chicago-based contractor Bulley & Andrews is constructing the mansion, which a building permit shows has an estimated construction cost of $10.74 million. If the mansion is built for that amount, Tom and Cecelia Ricketts would wind up paying close to $18 million when taking into account their land acquisition cost.
Allison Templer, whom mortgage documents identify as the manager of the Ricketts' Delaware LLC, declined to comment on the mansion's construction when reached on her cellphone Tuesday.
The stretch of Wilmette lakefront where the mansion will be built has had no shortage of high-priced sales. In 2002, the mansion next door sold for $8.5 million, while in 2007, former CNA Chairman and CEO Dennis Chookaszian and his wife, Karen, paid $7.25 million for a mansion a block to the north. And in 2015 alone, one lot near the Chookaszians' home sold on two separate occasions for $7 million, while the one next door sold for $6.2 million.
Tom and Cecelia Ricketts paid $1 million in 2004 for their current 5,438-square-foot house, which was built in 1925 and sits on a 0.3-acre parcel.
The Rickettses won't be the first members of their family to own along Wilmette's lakefront. Tom Ricketts' sister, Laura, paid $6.5 million in 2010 for more than an acre on Lake Michigan on which she subsequently built an 11,262-square-foot house with a 2016 value of $9.29 million, according to the Cook County assessor.
The construction plans were first reported by Crain's Chicago Business.
Bob Goldsborough is a freelance reporter.