J
ames Owens Jr., director of LSV Asset Management's development team, has acquired the historic Aloha Lodge estate in Lake Geneva for a record-breaking $21.85 million. The sale, facilitated through a Wisconsin-based LLC, is the second-highest property transaction on record in the lake town, following the $36 million sale of the Richard Driehaus estate in January 2022.

    The 20,000-square-foot mansion, built in 1900 by Chicago architect Howard Van Doren Shaw for Tracy and Anna Drake, boasts 10 bedrooms, 13.5 bathrooms, and 16,000 square feet of living space. The property features a three-bedroom guest house, separate 1,800-square-foot building, greenhouse, five boats, and 368 feet of lake frontage.

    The estate was sold by the family of Harold Byron Smith, a prominent business leader who died in 2022. His family legacy includes founding Northern Trust Bank and Illinois Tool Works, two major companies that shaped Chicago's business landscape. The property had been listed for $35 million before being reduced to $21.85 million, or $1,100 per square foot.

    Lake Geneva's luxury home segment remains attractive to buyers, but asking prices are often reduced before a sale is finalized. Recent transactions with price cuts include a waterfront mansion on Lakeshore Drive in Fontana that sold for $12.7 million and a residence on Folly Lane that changed hands for $9.6 million.