Former GM exec loses over $769,000 on sale of restored Winnetka mansion
The home: 86 Indian Hill Road, Winnetka
The 9,342-square-foot Tudor style mansion has 6 bedrooms, 5.5 baths, a heated 3-car garage, a 2-story De Giulio kitchen that features a walk-in refrigerator, limestone flooring, marble flooring, loft, sunroom, 7 fireplaces, in-ground pool, vaulted ceilings, tray ceilings, in-law arrangement, lower level with 8 additional rooms, patio, porch and balcony. The home is on 1.51 acres of land.
The seller: Louis R. Hughes Jr. & Candice A. Hughes
Louis R. Hughes was an executive for General Motors from 1973-2000. He also was a former executive for Lockheed Martin.
Louis R. Hughes was an executive for General Motors from 1973-2000. He also was a former executive for Lockheed Martin.
The Hughes fully restored the mansion that was originally built in 1930.
The purchase: In July 1999, the Hughes paid a little over $3.11 million for the home, or roughly $4.76 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Hugheses sold the home for $4 million on May 10, or approximately $769,105 less than the original purchase price, in today's dollars.
The Hughes originally listed the home for $5.4 million in September 2017. They lowered the price in July 2018 to a little over $4.99 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Hughes paid $1,484,037 in property taxes between 1999 and 2017, or about 37.1 percent of the sale price.
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $3,111,000 | $4,000,000 | $1,484,037 |
