Market Watch: Owners of golf pioneer's Wheaton estate lose $670K on sale
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a Dupage Policy Journal series on recent home sales that demonstrate the consequences.
The home: 25W447 Plamondon Road in Wheaton
Built in 1897 for golf pioneer Charles Blair Macdonald, this 2-acre estate known as Ballyshear sits in the exclusive enclave adjacent to the Chicago Golf Club.
The property includes an in-ground pool and tennis courts, which can be converted to a hockey rink in the winter. Inside, the home includes five bedrooms, seven bathrooms, two kitchens and a home theater, spread out over 6,008 square feet.
The seller: Matthew and Jessica Krauser
Matthew is a group vice president for Micro Focus, a multinational software and information technology business; and Jessica is the development director for Second Chance Humane Society in Telluride, Colorado where the couple now live.
The purchase: The couple paid $1.65 million for the home in July 2007, or $2 million in today's dollars.
The sale: According to Zillow, the home sold for $1.33 million on Dec. 13, or $670,000 less than the original purchase price, in today's dollars.
The Krausers originally listed the home for $1.98 million in October 2015. By December 2017, the price had dropped to $1.7 million and the couple took it off the market. They relisted the home in May 2018 for $1.5 million.
The property taxes: The Krausers paid $355,446 in property taxes while owning the home, or 27 percent of the sale price.