Chicago Area's Most Expensive Home Going To Auction

A 26-room, 26,500-square-foot French-inspired chateau in Winnetka that has not found a buyer since being put up for sale in 2009 will go to auction, fully furnished, next month. The Chicago Tribune reported on September 8, 2011, that the home’s listing agent, Tim Salm of Jameson Sotheby’s International Realty, estimated that the cost of constructing and furnishing what he called the “trophy home of the North Shore” at $40 million.

The house, owned by investment company CEO Sherwin Jarol and his wife, Deborah, was unofficially put up for sale in 2009 for $32 million, although it was officially listed and placed in the local multiple listing service with a $28 million asking price before being pulled from the market, according to the Tribune.

Salm blamed the "sour economy" for the property's failure to sell conventionally, but told the Tribune "international marketing of the auction will net a larger pool of prospective buyers" for the house, called Le Grand Reve. The auction will be conducted on October 29, 2011, without reserve.

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