After Years On Market, Blair House Site Sells For Just $3 Million

LAKE BLUFF, IL — More than 26 acres of lakefront land changed hands in Lake Bluff earlier this month, with a closing price of less than a third of what its sellers asked for it prior to demolishing the historically significant modernist mansion that formerly occupied the property.

The estate of Edward McCormick Blair sold the former site of the Blair House at 925 Sheridan Road for $3 million on Sept. 9.

Located on the grounds of Crab Tree Farm, the property includes about 664 feet of Lake Michigan shoreline, a ravine with a flowing stream and about 16 acres of conserved woodland, according to its listing.

Built in 1955 by the pioneering local modernist architectural firm Keck & Keck, the now-demolished Blair House was "highly eligible for both National Register [of Historic Places] and local landmark designation," according to a 2008 survey of historic properties commissioned by the village.

Blair, who died at the age of 95 in 2010, was the son of the founder of the investment bank William Blair & Co. and a great-grandnephew of famed reaper inventor Cyrus McCormick, according to his obituary. He was also a life trustee of the Art Institute of Chicago, where he donated his collection of the work of Paul Gaugin.

Following Blair's death, the property was listed for $10 million but did not find a buyer.

In 2012, it was included in Landmark Illinois' list of the state's 10 "most endangered" historic properties.

Blair's will called for the house to be sold and its proceeds donated to charity, village staff told the Lake Forester after his estate applied for a demolition permit in 2014.

The Blair House was not protected by state or local landmark designations, although it was considered "historically significant" under village code because of its age.

That triggered a demolition review but did not prevent the structure from being razed after the Lake Bluff Village Board rejected a recommendation from its Historic Preservation Commission to grand landmark status to the house.

The vacant property was first listed in December 2016 with an asking price of nearly $9 million.

"Build an estate that will be enjoyed by generations with the possibility of an equestrian estate," a listing from real estate agent Ann Lyons suggested. "Without a doubt this is the most prestigious [and] beautiful parcel of land available to build upon, on Lake Michigan."

Lyons has not responded to inquiries about the property but, as recently as December, was also marketing the site with concept drawings showing an $8.3 million, 9,000-square-foot new construction.

The asking price for the land alone continued to drop after Blair's estate paid to demolish the Keck-designed home, falling below $8 million in 2017, $6 million in 2018, $5 million in 2019 and $4 million in 2019, according to its listing.

Then in July, Monica and Nicholas Robinson, of Evanston, agreed to buy the land for $3 million in cash, according to county property records.

The estimated market value of the land for taxing purposes is $3.45 million, according to county records. Its annual property tax bill was about $75,000 last year.

• Address: 925 N Sheridan Road, Lake Bluff
• Lot Size: 26.65 acres
• First Listed: $10 million
• Closing Price: $3 million

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