Real Estate

Former Whirlpool Exec Buys Lake Forest Mansion for $5.18M, 35% Below Ask

Former Whirlpool COO buys Lake Forest mansion for $5.18M, 35% below original $8M asking price.

By Doug Elli

6/10, 09:44 EDT
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Key Takeaway

  • Former Whirlpool COO Joseph Liotine purchased a Lake Forest mansion for $5.18M, 35% below its initial $8M asking price.
  • The 13,360-square-foot French Manor-style home features seven bedrooms and nine bathrooms on 2 private acres.
  • North Shore real estate market sees heightened demand and low inventory, prompting quick sales despite price cuts on luxury listings.

A Significant Purchase in Lake Forest

The former COO of Whirlpool, Joseph Liotine, recently made headlines with his acquisition of a Lake Forest mansion for $5.18 million, a notable 35 percent below its initial asking price. This 13,360-square-foot French Manor-style home, originally listed at just under $8 million in 2022, saw multiple price reductions before the final sale. The property, surrounded by two private acres of hedges, was sold by a Delaware LLC called Spectre Interests. This transaction highlights the current dynamics in the luxury real estate market, where high-end properties are experiencing significant price adjustments.

The Details of the Transaction

The Lake Forest mansion, featuring seven bedrooms and nine bathrooms, was listed by @properties Christie’s International Real Estate agents Andra O’Neill and Brandie Malay. The buyers, Joseph and Colleen Liotine, secured the property at a price significantly lower than its original listing. The home, designed by Harriet T. Lindeberg in 1927, underwent renovations by a previous owner, enhancing its historical significance. Despite the substantial price cuts, the property’s sale reflects the heightened demand and lower-than-average inventory in the Lake Forest and North Shore areas, as noted by O’Neill.

Market Dynamics in Lake Forest

The luxury real estate market in Lake Forest and the North Shore is characterized by quick sales and a scarcity of available homes. O’Neill pointed out that the market has seen fewer homes in recent years, driving buyers to act swiftly. This trend is not isolated, as similar dynamics are observed in other affluent areas. For instance, the Winnetka home featured in the movie "Home Alone" found a potential buyer just a week after being listed for $5.25 million. These rapid transactions underscore the competitive nature of the luxury housing market in these regions.

Broader Implications for Luxury Real Estate

The significant price reduction in the sale of the Lake Forest mansion is indicative of broader trends in the luxury real estate market. High-end properties are increasingly viewed as tear-down opportunities due to the desirability of the land. This shift is driven by buyers with specific tastes and the demand for modern amenities. In Houston, for example, the demand for homes with whole-home generators has surged, reflecting buyers' concerns about natural disasters and power outages. This trend highlights the evolving preferences of luxury home buyers, who prioritize convenience and security.

Management Quotes

  • Andra O’Neill, @properties Christie’s International Real Estate agent:

    "It’s busy because we’ve seen less homes in the last few years than we have in a long time. And so for buyers that want something, you really have to move quickly."
    "[The Lake Forest home is] historically significant."