Listing agent says unique property now costs less than construction (Greg Bernadette)
By Caroline Broderick | Homes.com
A 22,000-square-foot Barrington, Illinois, mansion that was first listed in 2007 for $17 million hit the market again on Wednesday at a nearly 90% price reduction.
Over the years, the seven-bedroom, 12-bathroom home at 344 Old Sutton Road has had an on-again, off-again relationship with the market. It sat at $17 million until 2010, when the price was cut to $15.5 million, followed by $14.9 million in 2011, $11.85 million in 2019, then again to its current $6.5 million price tag.
The seller is Gerald Forsythe, CEO of Indeck, an Illinois-based power generation and industrial boiler firm. Forsythe is also known for his involvement in the race car industry, as a former owner of the Champ Car World Series and racing team, both of which folded when Champ merged with the Indy Racing League.
The property has never been lived in and is selling for much lower than the construction cost, said the agent. (Steve Hattan/Picture View 3D)
The home includes eight fireplaces, several crystal chandeliers, pool, hot tub, wine cellar, private staff quarters, movie theater and two three-car garages. Several of the grandiose fireplaces are ceiling height and made up of stone, such as granite and marble.
Forsythe purchased the home in 2003 for $1.85 million, public records show. According to listing agent Gregg Bernadette of HomeSmart, Forsythe purchased the home under construction and completed the new build in 2005.
It has never been occupied, said Bernadette, and he believes Forsythe’s plan was never to live there, but rather to sell.
More here.
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