Historic Frank Lloyd Wright home sells at auction

Private homeowners buy Chicago house for above opening bid
Wednesday, March 09, 2005
Courtesy Top Producer
Inman News
The Emil Bach House in Chicago

Private homeowners on Tuesday purchased the Frank Lloyd Wright-designed Emil Bach House, a Chicago Landmark located one block from Lake Michigan, during an auction conducted by Inland Real Estate Auctions.
The new owners intend to live in the house, according to Inland, which didn't disclose the exact final sale price, but said it went for "well above the opening bid of $750,000."
The landmark property is located at 7415 N. Sheridan Road.
The new owners intend to retain the property's 45-by-150-foot side lot as a yard for the home, which is one of Wright's last small urban homes, according to Inland. The current zoning of the lot might have allowed for development.
The sale marks one of the first times a Frank Lloyd Wright-designed home has sold by auction.
"Today's auction sale proves that Frank Lloyd Wright homes can attract substantial interest and can be sold in a timely fashion when marketed properly," said Frank Diliberto, senior vice president of Inland Real Estate Auctions. "It also provides further evidence that the auction process can be successful in marketing properties others find difficult to sell."
The auction process drew nearly 300 inquiries and nearly 200 registered open house attendees. The auction room was filled with bidders as the bidding process commenced at 2 p.m. Bidding was completed in a matter of minutes.
The expansive lawn, which lies immediately to the south of the house, is currently zoned RT4, which allows for multifamily homes. This prospect drew some concern from Frank Lloyd Wright enthusiasts. Alderman Joe Moore (49th Ward), who represents the Rogers Park neighborhood, recently introduced a proposal in the City Council proposing to down-zone the property. The purchaser has not announced plans for the lot, but has ruled out development.
Oak Brook, Ill.-based Inland Real Estate Auctions is part of The Inland Real Estate Group of Cos., which comprises independent real estate investment and financial companies.