A
1929 Tudor Revival mansion at 5 Briar Lane, once home to a prominent retail executive, is being redeveloped into three upscale homes. Jon Kogan, head of Highgate Builders, purchased the 2-acre property for $3.95 million, significantly lower than its original asking price nearly two decades ago. The estate, bordered by Skokie Country Club, features a 14,000-square-foot mansion that has changed hands several times since its construction.

    Kogan plans to build three luxury homes ranging from 6,500 to 8,500 square feet, catering to the high demand for new homes in Glencoe. "Nobody wants a large house that needs extensive work," he said. One buyer is already confirmed, and another is expected soon; unsold parcels will be listed publicly by mid-December.

    The historic property has been owned by several families since its construction, including Ron and Cynthia Schmidt, who purchased it in 1989 for $1.4 million but struggled to sell due to its size and upkeep requirements. The Schmidts initially asked $10.9 million before reducing the price to $5 million and eventually selling for just under $4 million.

    Glencoe's affluent buyers are increasingly opting for new construction over renovating older estates, driven by market trends and a desire for modern amenities. Recent multi-million dollar home sales in the area include an estate at 595 Longwood Avenue that sold for $7.25 million and another nearby mansion that fetched $8.2 million.