The former COO of home appliance maker Whirlpool bought a Lake Forest mansion for $5.18 million last month — 35 percent below its initial asking price.
The 13,360-square-foot home was originally listed at just under $8 million back in 2022, or $599 per square foot, before the asking price was reduced multiple times to just under $6 million.
The buyers were Joseph and Colleen Liotine, Lake County records show. After serving as Whirlpool’s COO following 18 years in senior roles with that company, Joe Liotine also briefly served as CEO for gas engine production company Briggs & Stratton, based in the Milwaukee area, for several months before departing that position in February, according to reporting by BizTimes.
The seven-bedroom, nine-bathroom estate was listed by @properties Christie’s International Real Estate agents Andra O’Neill and Brandie Malay. The seller was a Delaware LLC called Spectre Interests whose owners couldn’t be determined.
The French Manor-style home was renovated by a previous owner and now spans across 2 private acres surrounded by hedges on all sides, O’Neill said.
The @properties agent representing Liotine, Ann Lyon, declined to comment on the sale.
In Lake Forest and along the North Shore, sales are coming together quickly with heightened demand and lower-than-average inventory, O’Neill said.
“It’s busy because we’ve seen less homes in the last few years than we have in a long time,” she said. “And so for buyers that want something, you really have to move quickly.”
Also this month, the Winnetka home featured in the beloved Christmas movie, “Home Alone,” landed a potential buyer just a week after being listed for $5.25 million on May 24.
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“Home Alone” house in Winnetka lands buyer fast
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Price cuts, arbitrary teardowns mark North Shore ultra-luxury market
At the start of the year, some North Shore agents recounted run-ins with price cuts on multi-million dollar listings, which they attributed to an increased number of buyers with specific tastes viewing luxury homes as tear-down properties due to the desirability of the land.
O’Neill declined to comment on the Lake Forest home’s reductions to its be asking price, but said it is “historically significant.” It was originally built in 1927, with a design by Harriet T. Lindeberg, an American architect known for designing country homes across the U.S.