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Mansion Once Listed for $25M is Back for 1/4 the Price

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A Lake Bluff lakeside mansion estate with a convoluted past is on the market again for $6.499M. Crain's, chronicling the property's history, explains that the price tag is for the 12,000 sq. ft. Georgian mansion and 3.5 acres. Another six adjacent plots are selling separately but used to comprise one 20-acre plot- the one that listing for $25M in 2001. When that finally sold for $16M in 2007 to high-end home builder and around-town investor Orren Pickell, it was broken up for an intended luxury-home subdivision that never happened. A couple of short sales later, the cluster of properties are in the hands of another developer, Peter Brennan, who bought them for $7.5M according to county records. Brennan plans a cautious and flexible approach to any home building that may occur, starting by listing the mansion and a separate 3-acre plot for $3.5M. If momentum grows, houses will get built. Meanwhile, you can dream about owning the centerpiece 10BR/10BA behemoth that's either seriously classy or incredibly stuffy. You decide.
·Listing: 600 Lansdowne Lane [Koenig & Strey]
·North Shore estate listed after short sale [Crain's]