A developer has closed on the $17.6 million purchase of the Highland Park, Ill. suburban estate belonging to jailed insurance executive Michael Segal.
A federal judge approved the sale in November after the buyers reached an agreement with preservationists on how to develop the historic property.
Under the agreement, Orren Pickell Designers & Builders of Lincolnshire, Ill. will preserve 66 percent of the 17-acre Lake Michigan front property and give the public access to the property twice a week.
“We are pleased to have the support of these leading national and state preservation organizations and we will work to ensure that future generations will be able to enjoy this beautiful property forever,” Orren Pickell, chief executive officer, said in a statement.
Highland Park preservationists were concerned that the lakeshore estate, which is listed on the National Register of Historic Places, could be subdivided and its character lost.
Segal forfeited the property as part of his conviction in 2004 for fraud, racketeering and embezzlement. He was sentenced to 10 years in prison and ordered to forfeit $30 million for looting a trust account at his Near North Insurance Brokerage.
The estate includes a garden designed by celebrated landscaper Jens Jensen, a greenhouse, a pool and 500 feet of private beach. The Prairie-style Tudor Revival main home, designed by architect Howard Van Doren Shaw, has seven bedrooms.
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