Gordon and Carole Segal, co-founders of Crate & Barrel, have sold a 10,000-square-foot Georgian mansion and some fine Winnetka acreage to someone who might actually use it. The Segals live in a 7,300-square-foot home next door but bought this place as a flip opportunity in 2008. After some significant restorative expenditures and a literal flipping of the home's points of entry and egress, the Segals re-listed the property for $6.9M in May 2011. The place fetched $5.3M last week. Chicago Mag's Dennis Rodkin characterizes the flip as a flop, but the Segals actually cleared their purchase price by $850K. It all comes down to whether or not the cost of renovations overwhelmed that margin. If money was motive, certainly it wasn't the best use of time. Landscape architect Doug Hoerr regenerated the grounds with manicured lawns and gardens as the Segals sicced Crate & Barrel goodies on the interiors.
·Listing: 36 Woodley Road, Winnetka [Coldwell Banker]
·The Big Winnetka Flip Turned Into a $5.3 Million Flop [Chicago Mag]
·Crate and Barrel Co-Founders are Selling This House for $6.9M [Curbed Chicago]