Here is a pretty interesting real estate news story.
Anyone who has been on the waters of Lake Geneva would be familiar with the largest mansion on it. The Stone Manor.
http://www.chicagobusiness.com/reale...on-lake-geneva
December 07, 2017
Meet the L.A. woman who's spent $16 million on a Lake Geneva mansion
By Dennis Rodkin
A Los Angeles woman has been buying up the condos in a gigantic Lake Geneva mansion, spending more than $13.5 million in the past year, and even at that price she doesn't own the whole building yet.
Tina Trahan of Santa Monica, Calif., said she also has spent at least $2.5 million on renovations. "I don't know how much it will be at the end," she said. "There's a lot of work that has to be done." At the moment, she's in the process of renovating 14 bathrooms...
Trahan owns six of the seven condos in Stone Manor, a giant lakefront home built in 1901, according to Walworth County, Wis., tax records. She bought the first and largest in November 2016 for just under $6 million and one-third of the second floor for $2.25 million last month.
At $13.5 million, Trahan has spent more than anyone has paid to buy a home in the six-county Chicago area since December 2015, when Citadel chief Ken Griffin sold a Michigan Avenue penthouse for $16 million.
The owners of the sole remaining Stone Manor condo, which occupies one-third of the mansion's third floor, "know I'd like to buy it," Trahan said, "and I'm sure they'll come to me when they want to sell."
As the owner of more than two-thirds of the homeowners association, Trahan has the legal right to force a sale of the remaining unit. "I wouldn't do that," she said. "They're nice people."
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Even at almost $16 million spent and more to go, Trahan said she is "absolutely
getting a bargain. In the Hamptons, people spend $40 million to buy a mansion and tear it down." Trahan, who is married to Chris Albrecht, CEO of the Starz cable network, formerly lived in New York and summered at the Hamptons, she said.
..."I'm used to Hamptons numbers, Manhattan numbers,"
She and Albrecht live in a Santa Monica home that they bought for more than $7.1 million in 2016. Trahan said that home is temporary while they spend $18 million building a new home in Pacific Palisades.
"That's for 12,000 square feet," Trahan said. "At Stone Manor, my first floor is 12,500 square feet."
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If Trahan puts all the pieces of Stone Manor back together, it will be the first time the mansion has been used as one property since 1964, when it was first divided into condominiums.
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