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Old substation turned mansion once rented by Outcome Health CEO returns for $9.99M

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The downtown home’s asking price had been as high as $15 million

Photos by Positive Image

A massive single-family home near Chicago’s Newberry Library is back on the market after losing its infamous tenant. Arguably one of Chicago’s more unusual mega-mansions, the six-bedroom, nine-bathroom structure was built behind the brick facade of a 100-year-old Commonwealth Edison electrical substation featuring Prairie School architectural details.

Following its makeover into a high-end home, the property hit the market in 2014 and saw its asking price fluctuate between $15 million and $10.9 million. In October, it was reported that Outcome Health co-founder and CEO Rishi Shah was renting the Near North Side home for more than $50,000 per month, according to Crain’s.

A month later, the billionaire was photographed fleeing the property in a black Escalade as a private detective served Shah a legal summons in regards to a suit alleging he misled investors, reported the Chicago Sun-Times. Ongoing accusations of fraud led to Outcome abandoning a planned 394,000-square-foot office lease and naming rights deal at 515 N. State Street in December.

With Mr. Shah apparently no longer its tenant, the one-of-kind mansion re-listed Wednesday morning for $9.99 million. The latest asking price represents the first time the renovated property has slipped below the eight-figure threshold.