Lake Forest Colonial Sells For $800,000 Below Asking Price

LAKE FOREST, IL — A 111-year-old Colonial-style home sold earlier this month in Lake Forest for $800,000 under its asking price in a short sale that closed more than 18 months after the home was first listed.

The six-bedroom, 8,400-square-foot home on Laurel Avenue first appeared on the market in May 2018 with a list price of just under $3.5 million.

Located on a 1.6 acre lot west of Green Bay Road and adjacent to a nature preserve, the property includes an in-ground pool and a tennis court.

Its sale was finalized Dec. 2 for $2.6 million, 25 percent below the asking price but still one of Lake Forest's 10 most expensive publicly reported home sales of 2019.

The three-story, 13-room home was renovated in 1930 and has an exterior composed of aluminum and vinyl siding, according to its listing.

There's a heated garage with room for three cars as well as a brick driveway with space for an additional four cars. The home's interior features hardwood flooring, vaulted ceilings and six fireplaces.

According to public records, the sellers were Quintin Primo, CEO of a real estate investment management firm he co-founded, and his wife Diane Primo, founder and chair of a public relations agency. The Harvard business school grads purchased the home more than two decades ago for $1.75 million. Mr. Primo is the son of the late first black Episcopal bishop of Chicago, who founded the Primo Center for Women and Children that he and his wife now co-chair.

Capri Capital Partners, Mr. Primo's firm, has about $4.5 billion in assets, according to an online biography. Before starting his first business, an investment banking firm, in the 1980s, he was a vice president at Citicorp Real Estate. The Chicago Tribune described Capri as the leading black-owned commercial real estate lender in 1999. Forbes estimated his net worth at $300 million and included him on a list of the "wealthiest black Americans" a decade later.

The buyers were identified as Elizabeth and Eric Daliere. Mr. Daliere, a former partner at a private equity firm, is the current president of controversial artificial turf manufacturer FieldTurf and its parent company, Tarkett Sports. The Dalieres are both listed as graduates of Northwestern University's business school.

According to the Lake County assessor's office, the estimated market value of the property is nearly $2.36 million. Last year, its property tax bill totaled more than $42,000.

• Address: 180 W Laurel Ave, Lake Forest, Illinois
• Built: 1908
• Square Feet: 8,377
• Lot Size: 1.6 acres
• Bedrooms: 6
• Bathrooms: 5 full, 2 half
• Last Sold: $1.75 million in August 1998
• First Listed: $3.5 million in May 2018
• Closing Price: $2.6 million in December 2019

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