Ex-Illinois Tool Works Chair Cuts Lake Forest Mansion's Asking Price To $5.2M

LAKE FOREST, IL — Described as "country club living at its finest," this 12,320-square-foot, seven-bedroom was built in 1929 and designed by Harrie T. Lindeberg. The three-story, English-style estate has since been lovingly restored to its original splendor and renovated to meet the needs of today's high-end homeowners. Sitting on a lot of more than 2 acres, the home includes its own tennis court, pool and attached coach house. Other new additions include an elevator and wine cellar.

Retired Illinois Tool Works CEO W. James Farrell and wife, Maxine, first listed the mansion in May 2014 for $6.995 million, according to its Realtor.com listing. Tuesday, the price was cut to $5.2 million.

» Check out more photos of 1051 Meadow Ln. at its Realtor.com listing

• Address: 1051 Meadow Ln, Lake Forest, Illinois
• Price: $5,200,000
• Square Feet: 12320
• Bedrooms: 7
• Bathrooms: 6 Full and 2 Half Baths
• Built: 1929

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