Lincoln Park’s foreclosed Wrigley Mansion finally sells for $4.65M

The landmarked 1896 home had been listed as high as $9.5 million

By Jay Koziarz Jan 29, 2018, 11:27am CST

After years on and off the market and enduring seemingly countless price changes, Chicago’s stately Theurer-Wrigley House has finally found a new owner. The foreclosed Lincoln Park property changed hands for $4.65 million—or roughly one half of the $9 million figure paid by its previous owner—according to a recent report by Crain’s.

The rare surviving Gilded Age mansion at 2466 N. Lakeview Avenue is both a Chicago Landmark and appears on the National Registry of Historic Places. It was originally built in 1896 by architect Richard Schmidt for Schoenhofen Brewing Company owner Joseph Theurer.

The nine-bedroom residence was purchased by chewing gum magnate William Wrigley, Jr. in 1911. The Wrigleys moved out a couple of decades later but the family held on the property until the 1980s.

In 2004, the home was purchased by attorney Ted Tetzlaff. By 2011, Bank of America began foreclosure proceedings against Tetzlaff who then attempted to unload the property for $9.5 million. The bank took over the property in 2016 and started marketing the 13,000-square-foot mansion in February of 2017 for $7.15 million.

By December, the lender’s asking price had tumbled to $4.9 million. It soon after went under contract in a deal that closed just last week. According to Crain’s, the Theurer-Wrigley House was sold to a land trust controlled by an unidentified buyer.

Wrapped in baroque terra cotta tile and a painted copper roof, the 19th century mansion sports a soaring foyer with mahogany millwork, a stone fireplace, and a sweeping grand staircase. Other notable features of the home include a solarium, ballroom, servants quarters, and fortified vault. The dated kitchen, however, will likely still require some work.