Lake Forest Mansion Listing Slashed by More Than $1M

A Lake Forest mansion designed by noted brother-sister architects David Adler and Frances Adler Elkins is back on the market — asking $1.2 million less than last year.

The home at 255 North Green Bay Road is now listed at $8.9 million. It came on the market in late September of last year for $10.1 million, before being removed earlier this month and re-listed at the lower price.

Built in 1934, the 15,000-square-foot home has seven bedrooms and 11 bathrooms. The home is on nearly 5.5 acres. It was built for Lolita Sheldon Armour of the Armour meatpacking family, according to the listing.

The home is one of several luxury properties to go through a discount heading into or at the start of the new year, showing sellers’ willingness to make concessions as interest rates continue to rise and the overall real estate market slows, despite a record-high volume of sales of high-end homes in the Chicago area over the last two years.

In September, another high-priced listing in the suburb closed for $2 million under asking. The home, owned by Nancy Hughes, the late wife of 1980s filmmaker John Hughes who’s also deceased, went under contract in two weeks after being listed at $15 million. It closed for $13 million.

The Green Bay Road home that was recently relisted with a discount was owned by the late Roland and Arlene Casati, and is being sold by their son-in-law, according to published reports.

Casati was primarily a real estate developer and was the founder of the real estate firm Continental Offices in suburban Des Plaines. He was also an investor in both the Callaway and Adams golf brands. He added PGA-rated putting greens modeled after the 12th hole at Augusta Golf Course to the property.

The Casatis owned the home for 51 years and meticulously maintained the home in the English country manor-style in which it was originally built. The couple imported English paneling for the library and kept much of the home’s original finishes.

Other amenities include nine fireplaces, an elevator, several formal sitting rooms, a butler’s pantry, silver vault, flower arranging room, two 1,000-square-foot staff apartments, a cedar closet, a gift-wrapping room, a home gym, wine cellar, carriage house, spa and four-car garage.

Jennifer Ames with Engel & Volkers Real Estate is representing the sellers and did not respond to a request for comment.