CEO Loses $1.25 Million On Sale Of Highland Park Lakefront Estate

HIGHLAND PARK, IL — A lakefront estate in Highland Park sold this week for more than $1.2 million below its sales price from 14 years ago and nearly $2.5 million under its list price from a year ago, records show. Taking inflation into account, the home's value has fallen by more than 28 percent since it last changed ownership.

The 13,000-square-foot contemporary stucco and stone two-story design was built in 2001 on a nearly 1-acre lot just north of Moraine Park. It has five bedrooms, with seven full and three half-bathrooms and several terraces overlooking Lake Michigan.

The interior includes an elevator, offices on the first and second floor, formal living and dining rooms and a master wing with lake views throughout. The finished lower level has a wine cellar, kitchen, sauna, locker room and guest suite, according to the listing.

The grounds include a pool, a bluestone patio and a lawn leading to stairs that snake down to a rocky shoreline. The home also includes an attached, heated garage with room for four cars.

The home last changed hands in 2006, when Debra and Michael Greenhill, CEO of Lake Zurich-based Smalley Steel Ring, purchased it for $5.75 million from a trust that concealed the previous owners' identities, records show.

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

They first listed it for sale in August 2019 with an asking price just under $7 million. The price tag was reduced several times over the past year until it dropped under the $5 million mark in July. An offer was accepted a few days later, according to public listing data.

Margie Brooks, of Baird & Warner Highland Park, was the listing agent for the Riparian Road property. She said the home was move-in ready with at the time of sale, with its interior having been gutted and remodeled in recent years.

While sellers are still taking losses on high-end real estate, there are an increasing number of potential buyers in the market for homes across all price ranges, she said.

The home was the third lakefront property in Highland Park that Brooks has sold so far this year — the first, which she shared with her colleague Lynn Romanek Holstein, closed in May, while the second sale was finalized in early July.

The buyers were represented by Mary Grant of @Properties Winnetka, who declined to comment about the property or transaction.

According to county records, the home's estimated market value for taxing purposes is just over $5.24 million.

Its annual property tax bill was more than $140,000 last year, although an appeal to the assessment is set for a hearing next week, records show. Public records do not yet identify the home's new owner.

• Address: 30 Riparian Road, Highland Park, Illinois
• Square Feet: 13,000
• Bedrooms: 5
• Bathrooms: 7 full, 3 half
• Built: 2001
• First Listed: $6.95 million
• Sale Price: $4.5 million

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