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Renowned Restaurateur's Winnetka Home Up For Auction

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#realestate #auction #luxuryauction #luxurylifestyle
Published
05/28/2023 by

The residence of renowned restaurateur Reza Toulabi, owner of Reza's Restaurants, will be sold at auction next month. With a combined value of over $5Million for the 1925 Mayo-designed mansion and adjacent buildable home site, bidders are being asked to name their price in a live open outcry auction to be held in the home's Great Hall.

"Magnificent homes like this are often value-challenged and one way to prove up value quickly is by auction," according to Joe Diliberto, Head of Projects for Diliberto Real Estate, the company conducting the sale. "Especially when the timing of the sale is most important," he added.

Terms of sale allow investors to bid for the home and homesite together, the home separately or just the home site, with opening bid around half market value.

"This is a significant offering", said Diliberto. "It's one of the most formal examples of the popular Tudor Revival style existing today, but meticulously enhanced with about a $2,000,000 upgrade, much of which occurred within the first years of the current owner's acquisition."

The home was built for advertising executive Felix Lowy, who helped create the Lindbergh beacon atop the Palmolive Building in Chicago and features magnificent architectural design in every room, a two-story great hall with hand painted ceilings, leaded glass windows with built-in window seats, garden veranda and is steps from Lake Michigan. Museum quality fixtures, such as a bathing tub from the late 1800's, blend into the functionality of the home.

Important dates for bidders.
Today: Bid Packages are available with approved Auction Contracts, floor plans, survey for both parcels.
May 27: open house day, but by appointment by calling Auctioneer at 708-361-6782.
June 15: Auction Day, bidders must provide a cashier's check for $75,000 to bid for the home and $25,000 to bid for the lot, or $125,000 to bid for both. 

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