Former Chicago Bulls forward-center Ben Wallace once owned 1392 W. Old Mill Road in Lake Forest. | Zillow.com
Former Chicago Bulls forward-center Ben Wallace once owned 1392 W. Old Mill Road in Lake Forest. | Zillow.com
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.
The home: 1392 W. Old Mill Road, Lake Forest
The 6,983-square-foot home has six bedrooms, nine bathrooms, an in-ground pool and spa, an outdoor fireplace and large grill area, a home library, a wine cellar, a heated sunroom, a butler's pantry, and a sports bar.
Currently being sold "as-is," the home once belonged to former Bulls player Ben Wallace, who was with the team from 2006 to 2008. The 6-foot-9 forward-center came to Chicago from Detroit where he led the Pistons to an NBA championship in 2004. He was a four-time Defensive Player of the Year and also appeared in the NBA All-Star game as many times.
Blockshopper.com reports that Wallace and his wife, Chanda, purchased the home in September 2006 for $3 million, or $3.71 million in today's dollars. After Wallace left the Bulls for the Cavaliers, the home was put on the market in January 2009 for $3.3 million.
The couple eventually sold the home to Badger in April 2010 for $2.1 million ($2.42 million in today's dollars), taking a loss of $1.3 million.
The current seller: Dwight Badger
Badger is the co-founder and former CEO of Advanced Equities Inc., a Chicago-based venture capital investment firm. He was forced out of the company after the Securities and Exchange Commission filed charges alleging he misled potential investors in two private equity sales for a fuel cell maker. Badger and the firm settled the case for $1.15 million. He left the company in June 2012 and less than six months later Advanced Equities shut down.
The sale: According to Zillow, Badger listed the home for $2.2 million in November 2018.
He lowered the price five times over the next three months until it hit $1.6 million on Jan. 2. The house currently has a pending offer for that amount. Should the sale go through, Badger will lose $820,000 on the deal.
The property taxes: Badger paid $256,192 in property taxes between 2010 and 2017, or 16 percent of the sale price.
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