$1.5 Million In Price Cuts To Manufacturing CEO's Lakefront House

HIGHLAND PARK, IL — The owners of a lakefront mansion put on the market just over five months ago dropped its asking price Thursday by more than $1 million. The 13,000-square-foot home was built in 2001 on a 0.9-acre lot north of Moraine Park. Its now listed for $5.5 million — less than the sellers paid for it in 2006.

The newly remodeled two-story, stucco and stone house has five bedrooms, seven full bathrooms and three half-bathrooms. Outside, it features an in-ground pool, bluestone patio and manicured lawn. Inside, its upper stories offer "spectacular" panoramic views of Lake Michigan, with multiple east-facing terraces, according to its listing.

The main level includes two powder rooms, an office, laundry room, large gourmet kitchen and a breakfast room opening to a family room. The living room features tray ceilings and a fireplace, while the dining room offers views of the lake, the listing said.

In addition to the master wing, the second floor has three en-suite bedrooms, a library, and an additional office. The finished lower level has a wine cellar, kitchen, sauna, locker room and guest suite, according to the listing.

According to property records, the home was last purchased in 2006 for $5.75 million by Debra and Michael Greenhill. Mr. Greenhill is the second-generation CEO of Lake Zurich-based Smalley Steel Ring. They put the property up for sale in August 2019 with an asking price of nearly $7 million.

The Lake County assessor's office estimated the property's 2019 market value for taxing purposes to be more than $5.2 million. Attorneys for Mr. Greenhill filed an appeal last year, arguing its fair market value should be reduced to below $1.3 million. The Greenhills paid more than $114,000 in property taxes on the home last year, according to county records.

Last month, the Greenhills sold a penthouse unit on the 44th floor of the Pinnacle building at 21 E. Huron St. in Chicago for $3 million. They had purchased the unit for million $2.9 million in 2014 and listed it for $3.3 million in August 2019.

The Near North Side condo unit was placed under contract within two months, according to the Chicago Tribune, which first reported the sale. Its new owners are not yet identified in public records.

As for the Greenhills' Highland Park lakefront property, its asking price remains $700,000 higher than the most expensive home sale of last year in Highland Park — the $4.7 million sale of a lakefront Oakvale Road home designed by Tony Grunsfeld and formerly owned by the family of the late founder of Grossinger Auto Group.

The highest-price Highland Park home sale of the past decade was the nearly $11 million purchase of a blufftop mansion by the former CEO Marathon Pharmaceuticals in 2015.

• Address: 30 Riparian Rd, Highland Park, Illinois
• Built: 2001
• Lot Size: 0.9 acres
• Square Feet: 13,000
• Bedrooms: 5
• Bathrooms: 7 full, 3 half
• First Listed: $6.95 million in August 2019
• Asking Price: $5.5 million in January 2020

Listing information originally appeared on realtor.com. For more information and photos, click here.