Winnetka Park District Agrees Not To Give Billionaire Justin Ishbia Centennial Park Beach

WINNETKA, IL — Winnetka Park District commissioners agreed not to transfer any part of the Centennial Park beach to a local billionaire, or any other private entity, as part of a settlement resolving a lawsuit filed by a resident.

The settlement approved Thursday concludes litigation filed back in October 2022 by Robert Schriesheim in an effort to block a land exchange agreement between the park district and billionaire Justin Ishbia, who sought to trade a property he purchased between two lakefront parks for a piece of one of them.

A judge tossed out the first version of the suit in October 2023 but allowed Schriesheim to file an amended version, which he did the following month. Cook County Circuit Judge Eve Reilly rejected the park district's efforts to dismiss the suit in May 2024, allowing it to move into the discovery phase.

According to the four-page agreement, park district representatives approached Schriesheim to negotiate a settlement. Under its terms, the district "agrees not to transfer title to the beach property ... to any non-governmental entity," while Schriesheim reserves the right to file a new complaint should district officials try to transfer any property west of the steel sheet piling.

"Our goal is to protect the public beach along the shore of Lake Michigan," Schriesheim said in a statement. "The agreement with the Winnetka Park District is a clear victory upholding the Public Trust Doctrine and ensures that public access to the beach cannot be denied and the beach cannot be given to a private party."

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Park district representatives framed the agreement as a demonstration of its commitment to collaboration, transparency and responsible land stewardship.

“This settlement represents an important milestone in moving forward for the benefit of our entire community," said Christina Codo, president of the park district's board.

"It reflects the Park District’s dedication to safeguarding public resources while fostering collaboration and goodwill," Codo said. "We are optimistic about the future and look forward to continuing our work on behalf of the residents of the District.”

The settlement specifies that neither side admits any wrongdoing, and both sides agreed to cover their own litigation costs.

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The dispute stemmed from an October 2020 land exchange agreement between the park district and a trust controlled by Ishbia.

Along with his brother, Ishbia is the co-owner of an NBA team and the nation's largest wholesale mortgage lender, which was founded by their father nearly four decades ago. He has a net worth of $5 billion and is currently building the most expensive house in the history of Illinois immediately south of Centennial Park.

The land exchange deal involved swapping land on the south end of Centennial Park beach for Ishbia’s adjacent property at 261 Sheridan Road, which the park district sought to incorporate into its plans for a contiguous beachfront between Elder Lane and Centennial Park.

Though it had been described as "dormant," the settlement adopted Thursday effectively puts the nail in the coffin of the land swap deal.

Central to the lawsuit is the public trust doctrine, a legal principle that ensures natural resources like lakes and shorelines are held in trust for public use and cannot be sold or privatized without justification.

Historically, the doctrine has been used to guarantee public access and prevent private encroachment. Schriesheim's suit argued that the proposed land exchange violated the trust by transferring public beachfront to private ownership.

While Schriesheim agreed to voluntarily dismiss the suit with prejudice — meaning he will not refile it — he noted that the settlement "preserves our ability to challenge future decisions that threaten to privatize precious natural resources, including our public parks and shoreline, that belong to the people.”

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Related:

• Billionaire's Beach Blockage Ignites Dispute Over Trespassing, Public Land In Winnetka
• Winnetka Park District's Land Swap With Billionaire Greenlit By Judge
• Restrictive Covenant With Billionaire Justin Ishbia Approved By Winnetka Park District