Lake Forest Pays More than Appraised Value for Laurel Avenue Home

The city of Lake Forest will pay more than the appraised value for the home at 120 E. Laurel Ave., the Chicago Tribune reports.

The property, which holds the 107-year-old home owned by the Jackson family, is key to the city’s plan to transform 10 acres near downtown into a residential development.

The city will pay a lump sum of $805,000 - which includes $15,000 for unexpected closing costs. An appraisal conducted last year indicated the home’s worth at $380,000.

Mayor Donald Schoenheider said the increased offer was due to the homeowners’ special circumstances, which included being relocated to another property in central Lake Forest.

“We let them try to find something close to town that would allow for a move and be less disruptive for the entire family,” Schoenheider said. “While we paid a little more money than we planned to, we feel like we treated the Jacksons extremely fairly.”

Read more via the Chicago Tribune