Billionaire's Winnetka Home To Be Most Expensive In Illinois History

WINNETKA, IL — With a price tag approaching $80 million, the lakefront estate assembled by billionaire Justin Ishbia and his wife, Kristen, is projected to become the most expensive Chicago area home on record when completed.

Over the past three years, Ishbia has spent nearly $33.7 million to buy a trio of contiguous properties to the immediate south of Centennial Park in Winnetka. The parcels at 195, 203 and 205 Sheridan Road comprise 3.7 acres of Lake Michigan shoreline.

The Winnetka Village Council approved consolidation of the properties last year, and demolition began last month on the existing structures after getting the go-ahead from the village's historic preservation authorities.

Kristen Ishbia tearfully addressed village trustees ahead of their unanimous Dec. 6 vote in favor of consolidating three of her family's four lakefront properties on Sheridan Road.

"When we first bought property here in Winnetka in the summer of 2020, we thought that we would be able to send our son to kindergarten here. Unfortunately, as time passes by, we are unable to build our home," Ishbia said. "Our children are missing out on being able to attend school here, play in our yard, and make friends in the neighborhood. They are missing out on being able to live our dream of a quiet authentic suburban life."

She said she felt as if there was a concerted effort to prevent them from building a new property due to "personal bias" and that she was saddened that her family was being "used as political pawns."

The Ishbias intend to spend more than $43.7 million building a new mansion on the site, according to a permit application filed in December with village officials and obtained through a public records request by the Chicago Tribune's Elite Street column.

That would bring the total cost of the project to $77.4 million.

Though it has yet to receive final approval from village officials, the application reportedly indicates it will include more than 68,000 square feet of space, including an indoor and outdoor pool.

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The Ishbias other residential properties include a $12.5 million mansion in Lincoln Park, a $5.57 million condo at 9 W. Walton St. and a $36 million mansion in Naples, Florida, Elite Street reported.

The current record for the most expensive house ever sold in Illinois is held by Citadel founder Ken Griffin, who, with a net worth of $35 billion, was the state's richest man before relocating to Miami last year. In 2017, Griffin spent $58.5 million to buy the unfinished top four floors of 9 W. Walton St. — the same River North building where the Ishbias bought a 30th floor condo in 2018.

Had the hedge fund chief ever completed the build-out, it could easily have surpassed what the Ishbias are set to spend.

The record-breaking estate is being designed by New York-based Ferguson & Shamamian and built by Bulley & Andrews. Its design is "Nantucket-inspired," Crain's Chicago Business reported.

Separately, the Ishbias spent $6.2 million to buy 261 Sheridan, a 5,410-square-foot lakefront mansion nestled on more than half an acre of land between Centennial and Elder Lane parks.

In 2020, the Winnetka Park District and Justin Ishbia arranged for a deal to give the property to the district in exchange for giving the billionaire more than 70 feet of beach at Centennial Park, which would have allowed the park district to achieve its longtime goal of combining the two beaches.

After facing pushback from residents over plans to include a separation wall on the beach, the park district withdrew its application with state regulators.

That deal also cannot move forward until the park district resolves a legal challenge from a Winnetka resident who argues the park district's plan violates the public trust doctrine because state lawmakers have jurisdiction over everything beyond the mean high water mark — meaning park district commissioners do not have authority to barter it with the billionaire.

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Ishbia, 45, is the son of the founder of Michigan-based mortgage lender United Wholesale Mortgage. Forbes estimates he has a net worth of $2.6 billion. Ishbia now runs a Chicago-based private equity fund and sits on the board of the company he inherited from his father, which is now run by his brother Mat.

The Ishbia brothers earlier this year purchased the NBA's Phoenix Suns and WNBA's Phoenix Mercury in a deal that valued the basketball teams at $4 billion.

The price tag was first reported last week for Elite Street by freelance reporter Bob Goldsborough and later confirmed by Ishbia to Crain's Chicago Business.

The next court date in resident Robert Schriesheim's lawsuit against the Winnetka Park District seeking an injunction on the land swap is set for a hearing May 9 at the Daley Center.