An 11,000-square-foot mansion is set to be torn down and replaced by a potentially record-breaking new home for Kenilworth, a suburb in Chicago's North Shore.
Leo and Milena Birov of Heritage Luxury Homes purchased 501 Sheridan Road in September for $6.8 million and listed in its place Monday plans for a $16.75 million new build with 17,000 square feet.
The original property sat on a double lot and 1.59 acres. One lot will be used for the massive lakefront home, which would break Kenilworth's sales record if sold at asking.
The other lot will become an additional new build. That proposal at 455 Sheridan Road is listed for $5.97 million with 11,000 square feet. The previous homeowners used the second lot for their sculpture garden, listing agent Nancy Nugent earlier told Homes.com.
The priciest home sale in Kenilworth just closed on Oct. 29: $14.5 million for an 8,280-square-foot remodeled property with private lakefront access. It sold within two months for $500,000 less than its listing price.
The new listings come at a hot time for the North Shore market. According to media reports, a $32.5 million off-market deal in Winnetka closed Nov. 19, setting what's said to be a new high for the Chicago market just two months after a $31.25 million sale in the same suburb. Winnetka sits next to Kenilworth along the shore of Lake Michigan.
Plans for the new builds
Demolition of the Kenilworth mansion has yet to occur, but a permit was approved in late October. Birov is currently applying for a building permit and supplying plans to Kenilworth officials, he told Homes.com in an interview.
High-ticket teardown purchases of existing megamansions in the North Shore suburbs are nothing new. The area includes the towns of Winnetka, Wilmette, Glencoe and Kenilworth, all offering highly competitive lakefront properties snatched up by high-earners.
Birov said he's currently working on another Winnetka planned teardown project, a $12.25 million home sold in 2023 at 445 Sheridan Road. He and his wife, Milena, sold another mansion that has been demolished at 645 Sheridan Road. That one sold in 2022 for $12.7 million.
Most notably, Justin Ishbia, a Chicago White Sox stakeholder and CEO of private equity firm Shore Capital Partners, reportedly spent $33 million for three Winnetka properties to tear down and build a new 68,000-square-foot estate that’s estimated to cost more than $70 million.
The two new single-family homes will be built in a transitional style.
At 501 Sheridan, Birov’s design includes seven bedrooms with eight and one-half bathrooms with features like a basketball court, media room and wine cellar. The listing price of $16.75 million could increase if a buyer customizes finishes and adds features like a pool, golf simulator, pickleball courts or even geothermal heating.
At 455 Sheridan, the proposed design includes seven bedrooms, eight and one-half bathrooms with an elevator and similar amenities, such as a sport court.
Birov, who has built dozens of homes in the area, including quarterback Jay Cutler’s former Lake Forest home, expects construction to take one year.