Gold Coast mansion returns to market for 4th time, now asking $9M

1516 North Lake Shore Drive (Credit: Redfin)

A 10-bedroom Gold Coast mansion re-appeared on the market with its third price cut in four years, now asking $9 million.

The U.S. Chapter of the International College of Surgeons has owned the 12,000-square-foot chateau-style building at 1524 North Lake Shore Drive since 1947, when it bought the property for $85,000, according to the Chicago Tribune. It was first listed in September 2015 for $17 million.

One of seven remaining Lake Shore Drive mansions, the home was built in 1916 for Edward T. Blair and Ruby McCormick Blair, early Chicago business owners and the parents of investment banker William Blair. The estate includes marble staircases, an elevator and a 2,400-square-foot coach house.

The home is listed by Crystal Tran of Berkshire Hathaway HomeServices KoenigRubloff.

The property sits at the opposite edge of the Gold Coast from the 11,000-square-foot Thompson Mansion, currently the city’s top single-family listing at $21.9 million.

Luxury residential brokers often resort to dramatic price chops to prevent mansions from lingering on the market for years at a time. Sometimes, though, even that isn’t enough — just ask Michael Jordan. [Chicago Tribune] — Alex Nitkin

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