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Historic Gold Coast Mansion Begging for Rehab Sells for $2.5M

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Mired in multi-unit purgatory, "Chicago's most famous architect" swooped in with plans for a single-family conversion, undoubtedly helping to lure a buyer. Who's that? Lucien Lagrange, of course. Lagrange has drawn up plans for the buyer to transform this eight-unit historic 19th century limestone building into one nasty pad. The mansion hit the market a few years back for $3.695M. It was sold this week for $2.5M. The eight units have a combined 6,500-square-feet, and, if the buyer were to factor in the basement as living space, there could be up to 9,500-square-feet. Sheesh! As is, the home has original leaded windows, gorgeous wood paneling, a super-ornate front balcony, 11'-13' ceilings, six fireplaces, and a patio.

To say the buyer got a good price is a gross understatement. Consider for a moment the troubled property of Garrett Kelleher, developer of the failed Chicago Spire, just a few doors down. Kelleher paid $8.5M for the 9,000-square-foot home before sinking millions more into rehab. He then tried to sell for $16M. You might also ponder designer Nate Berkus' down-the-block 3BD condo, which has been holding steady at its $2.15M ask since August.
·Listing: 1436 N Astor St. [Coldwell Banker]