The Lake Bluff mansion, which has seen a series of price cuts after years on the market and on the market, has now risen sharply and more land is being added to boost the attractiveness of the deal.
The home at 700 Crab Tree Lane is currently asking just under $23 million. The previous list price for the 12-acre estate was $12.9 million, an increase of more than 75%. The project has now been expanded to 30 acres, including a 13-stall stable.
Z Capital Management President and CEO James Zenni and his wife Lisa previously owned the home. The couple had been divorced for a few years and Lisa was in the process of selling the house. She originally listed the mansion in 2018 for $19.5 million, making it the third-most expensive residential listing in the Chicago area at the time, and the recent price cut is 33 percent off the original asking price.
Andra O’Neill of @properties Christie’s International Real Estate, representing the property, declined to comment beyond confirming the new price.
The listing is currently the second-highest listing in the Chicago area. Next to it is a 25,000-square-foot Lincoln Park mansion, long the city’s most expensive property, now asking $30 million.
The company relisted on Tuesday after being removed three days ago.exist Sellers cut price from $14m to $13m in AprilIt’s one of a series of cuts sellers have made to seal deals over the years that have oscillated in and out of the market.
Built in 1994, the 10,000-square-foot home has six bedrooms and eight bathrooms. The property includes a tennis court, a swimming pool and even its own vineyard. The estate also includes a rare 700 feet of private beach on Lake Michigan.
The price rise bucks recent trends on the north shore, where many luxury homes have relocated. Significant price cuts to seal the deal. Through June, sales at or above the luxury threshold were halved from last year’s record numbers.