Gold Coast mansion sold for $7 million

Customers who are not yet identified paid Caryn and Lowell Kraff $7 million on Monday for their 6-bed room, 10,000-sq.-foot mansion on Burton Spot.

The Kraffs initially listed the residence for sale at $13.5 million in September 2020. The remaining sale price is about 52% of that.

By the time the mansion went under agreement to the purchasers, the asking value had appear down to just under $10 million. The consumers, whose names do not but show up in community documents, were being represented by Jason Felicione of Chipads, who could not be achieved.

Lowell Kraff declined to remark. The agent who represented the house, Dawn McKenna of Coldwell Banker, did not instantly respond to a ask for for remark.

When the Kraffs had been having prepared to set the dwelling on the market two years in the past, Lowell Kraff told Crain’s that the home’s design and style was influenced by specifics they preferred ideal in good houses they had witnessed in Paris, New York and Chicago, drawing on “the timeless class we noticed in them.”

Crafted in 2008, the house has a common French mansard roof and a limestone facade spanning 120 ft together Burton Put at Dearborn Road, inside partitions concluded in white oak, silk, vellum and other supplies an in-residence elevator with leather-based-padded walls, and a rooftop terrace nestled into the treetops.

The couple bought the web-site in 2000 for a little under $1.8 million in 2000, in accordance to the Cook dinner County clerk. They demolished a operate-down 19th-century condominium building on the website, replacing it with the dwelling.

Lowell Kraff informed Crain’s in 2020 that he and his wife were being relocating to Florida whole time after Caryn Kraff, an ophthalmologist, retired from the Kraff Eye Institute, founded by Lowell Kraff’s father. Lowell Kraff is a non-public trader.

The past time a Gold Coast mansion offered for much more than this one’s $7 million was October 2017, when a mansion on Bellevue Area went for $7.5 million.

At current, five mansions in the neighborhood are stated at over $7 million. 4 of them have been on the market place due to the fact at least 2020, and the best-priced of them, inquiring $18.5 million, is quickly east of the mansion the Kraffs just bought. The 20,000-sq.-footer started out with an inquiring value of $18.75 million in October 2020.

Meanwhile, in the time since the Kraffs put their mansion on the current market, three in Lincoln Park have sold in the selection of $12 million. There have also been gross sales in that price tag vary in the suburbs of Kenilworth and Winnetka.

For the metropolitan location overall, the Kraffs’ sale is the 14th house offered at $7 million or a lot more so significantly in 2022, when compared with 16 marketed in all of 2021.