A palatial, 39-room mansion that has languished on the market for five years finally sold for $1.632 million at auction.
Originally priced at $2.9 million, the Kensington Park was built in 1989 by Atlanta-based developer James O. Sissine Jr.
Located in the upscale Wynstone golf community in North Barrington, the residence has more than 14,638 square feet of living area, and offers views of fairways, a pond and the clubhouse in the distance.
Featuring an impressive exterior in English Georgian Baroque style, it boasts an interior with seven bedrooms, eight full baths, three powder rooms, two kitchens, four wet bars and five fireplaces. Other highlights include a 28-foot-high ceiling in the living room, cherry-paneled library, master suite with crystal chandeliers, and a 3,500-square-foot deck.
The mansion sold at an auction staged by Chicago-based Sheldon Good & Co. The suggested opening bid was $950,000. Several bidders participated in the auction.
Bud Blinick, senior vice president of Sheldon Good & Co., said the winning bidder wants to close soon and move into the mansion. The buyer doesn’t want to be identified, the auction company said.
Blinick added that it was the largest residence auctioned off in the Chicago area in the last two years.
“It’s a win-win situation,” said Ron Sever, broker at Wynstone Realty. “The buyer got a good price, and residents of Wynstone are happy that the home finally has been sold and someone will be moving in.
“The property has been maintained, but the new owner will probably finish the landscaping in the back of the house,” he said.
Why did it take so long to sell? Sever noted that construction of the mansion started in a hot real estate market, but by the time it was completed, the market had collapsed.
Also, there are a limited number of buyers in that price range.
More than 200 people attended the auction at the Sheraton Gateway Suites Hotel in Rosemont. Four other residences and six commercial properties also were auctioned.
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– The developers of the Barclay Place condominiums in north suburban Lincolnwood have lowered the price of the remaining corner three-bedroom units by $25,000.
“As a result of the reductions, condos originally base-priced at $294,500 are now being offered for $269,500,” said Marsha Garlovsky, sales manager. The units range from 2,223 to 2,295 square feet. Similar reductions are available at other price levels.
Barclay Place consists of two seven-story towers joined by a two-story atrium lobby. It is being co-developed by Robin Construction Corp. and Sandz Real Estate Co.
The priced units are in the seven-story Phase 2 building, which was recently completed and is 85 percent sold. The first building is completely sold and occupied. Each tower has 84 two- and three-bedroom units. Recreational facilities include an outdoor swimming pool, tennis court, fitness rooms and patio terrace.
Barclay Place is on Touhy Avenue, about one block west of Lincoln Avenue. For more information, call 708-679-2221.
– Barbara Dudeck has joined Chicago-based Norwood Builders Inc. as sales manager of Towne Place in northwest suburban Arlington Heights.
Her duties include training all sales professionals and continuing to implement the community’s marketing campaign.
“With more than 20 years of experience in the real estate industry, she has proven her leadership and marketing skills to the entire industry,” said Bruce Adreani, president.
– Robin Construction Corp. has announced a closeout sale with cash rebates of up to $100,000 on its remaining condominiums at Park Claridge in north suburban Highland Park.
The two-bedroom-plus-den homes and three-bedroom homes originally priced from $460,000 to $640,000 now start as low as $385,000, with prices on the 3,260-square-foot three-bedroom, 4 1/2-bath model cut from $640,000 to $540,000.
Two-bedroom-plus-den or three-bedroom residences range from 2,400 to 3,260 square feet.
Park Claridge, which is just west of downtown Highland Park at 800 Deerfield Road., has two three-story wings, each with 18 residences served by two elevators. A lobby joins the two wings to form an H-shape building.
Year-round in-house recreational facilities include a 50-foot-long indoor swimming pool and a fitness center with saunas and a whirlpool.
For information, contact Frieda Saperstein at 708-433-8100.
– Wiseman-Hughes Enterprises is offering to pay up to 3 points on the mortgages for the final homes at its Four Pointes subdivision in west suburban Aurora. The offer applies to buyers who use a Wiseman-Hughes-approved lender. Only 30 homesites remain in the development planned for 206 residences.
Offered at Four Pointes are five floor plans, ranging from 1,375 to 2,039 square feet and base-priced from $123,900 to $147,900. Homes have three to four bedrooms, 2 to 2 1/2 baths and attached two-car garages.
To visit Four Pointes, take the East-West Tollway to Illinois Highway 59, exit south 3 1/2 miles to U.S. Highway 34 (Ogden Avenue), then west to the sales center. For more information, call 708-851-8195.
– A new mortgage company has been formed to serve customers of Prudential Preferred Properties, a real estate company with 25 offices in the Chicago area and more than 900 sales associates. Prism Preferred Mortgage is a joint venture of Prudential Preferred Properties and Prism Mortgage Co., one of the largest mortgage brokers in Illinois.
Prism Mortgage Co., based in Chicago, also has processing centers in Northfield and Schaumburg and soon will open in Oak Brook.
– Only eight homes remain for sale at Cobblers Crossing in northwest suburban Elgin. Cobblers Crossing, which is being developed by Kimball Hill Homes, will consist of more than 900 single-family and multifamily homes when complete.
The eight single-family homes still for sale are priced from $194,461 to $239,255.
There are three designs: The Foxridge; a 2,405-square-foot, two-story; the Eclipse; a 2,395-square-foot, two-story with four bedrooms; and the Wadsworth; a 2,334-square-foot, two-story home with four bedrooms.
Cobblers Crossing is on Shoe Factory Road, three miles west of Illinois Highway 59. For more information, call 708-695-7778.