$2 Million Price Cut On Lakefront Howard Van Doren Shaw Mansion

LAKE FOREST, IL — The asking price on a 110-year-old lakefront home dubbed "Stornoway" has been reduced by $2 million since it was placed on the market earlier this year. The three-story, 11,000-square-foot stone home includes a private beach, a restored bluff, a pair of private paths to the shore and one of the only two private piers in Lake Forest.

The 16-room, 7-bedroom home features a large-screen theater, a hot tub, a wine cellar and a gourmet kitchen. Upstairs, along with the master suite, there are three balconies overlooking an outdoor pool. The gated estate also has a 10-car heated underground garage and elevator, five fireplaces and a security system with 11 exterior cameras.

The property has been "beautifully restored, renovated and meticulously maintained," according to its listing, and "infused with an atmosphere of sophistication and refinement."

The home was built in 1908 for insurance pioneer Donald R. McLennan, the co-founder of Marsh & McLennan.

Billionaire confectionery heir Bill Wrigley, Jr., bought the property for $9.9 million in 2003. Six years later, he listed the house for $16 million.

The current owners, WestLake Financial Group founder Paul J. Burt and wife Janet, purchased the home through a trust in July 2011 for $5.6 million.

They listed it in March for $8 million. The asking price was reduced to $6 million on Thursday. According to the Lake County Assessor's Office, the property's estimated market value is $7.2 million, giving it an annual tax bill of over $125,000.

The Burts said they have previously owned two historically significant properties on Lake Forest, according to a July 2018 profile in Forest Bluff Magazine. Mrs. Burt cited the amazing view, the private beach, pool, basement theater and saltwater fish tank as highlights of the home, which she said has been the site of many fundraisers. She said the family would be "very sad if the house sells," but said it "might be time to pass this house along to the next family to love it as much as we have."

The most expensive home to sell in Lake Forest in more than 10 years was sold in January for $12 million, Crain's Chicago Business was first to report in in July.

The 12,500-square-foot Cape Cod-style property on a 3.4-acre lot at 263 N. Mayflower Road is now owned through a Delaware-based trust formed last September called Vista del Lago, which conceals its owners.

The highest price of any currently listed Lake Forest property is the Harrie T. Lindeberg-designed "Wyldwoode" estate at 55 N. Mayflower Road, which was listed in July with an asking price of $15 million.

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