Glencoe Home Sells for $8.2M in Off-Market Deal

A lavish estate has changed hands in a North Shore suburb that’s often loaded with eye-popping sales and listings.

The buyers, whose identities are shielded through an opaque land trust, recently paid $8.2 million for a 9,633-square-foot mansion in Glencoe, the Chicago Tribune reported. The sale equates to about $851 per square foot. The address wasn’t reported.

It was an off-market deal, and therefore few details are known about the property. Situated on a little over an acre, the two-story, modern English country-style mansion has four full bathrooms, two half bathrooms and three fireplaces. It was built in 2001 and is adjacent to Glencoe’s Perlman Boating Beach, the outlet said.

It’s the second-priciest residential transaction in Chicago this year, trailing the $9.3 million sale in January of a 9,000-square-foot condo in the Gold Coast neighborhood.

Glencoe is not only one of Chicago’s most affluent suburbs but also the most expensive residential real estate market in the Midwest, according to Realtor.com. As of August, the median listing price in Glencoe was $3.26 million. That’s almost $1 million more than the median price in Kenilworth — about 4 miles southeast of Glencoe — which has the second-priciest housing market in the Midwest.

At the end of 2022, a pair of Glencoe mansions on Longwood Avenue hit the market at $14 million. A five-bedroom, 6,100-square-foot home in the suburb sold for $6.25 million last year, and an under-construction home traded for $3.7 million.

But with just about every high-end listing in Glencoe comes a substantial price chop. The 6,100-square-foot home, for instance, was lowered from its initial ask of $8 million before landing a buyer. The mansion at 595 Longwood Avenue was relisted for $12 million last April, marking a 14 percent reduction in price.

While demand is strong for the lower-end of the luxury market — the $2 million price range — the pool of buyers isn’t nearly as large for homes priced in the eight-figures ballpark.

—Quinn Donoghue