Billionaire Exec Buys Another Neighboring Lakefront Lot in Winnetka

A billionaire private equity exec just purchased another lakefront lot in the Chicago area in a deal that could throw a wrench in plans for a public beach. The Winnetka Park District wants to create a 1,000-foot beach, but that’s contingent on property owner Justin Ishbia giving them a residential property he owns between two parks, in exchange for some of the parkland that sits closest to his own land.

Previously, Ishbia had requested some privacy between the public beach and the beach just below his home. Last spring some area residents opposed a deal to give Ishbia’s property that additional privacy.

Flashforward to this past June, and the exec paid $16 million for another acre of land and a 10,000 square foot home that sits next door to his existing property. That means Ishbia is now the owner of four lakefront lots.

Three of the lots are all in a row. The fourth lot is separated from the others by a park. As it stands, that lot is the only one standing in between Elder Lane Park and Centennial Park.

The previous deal was for him to swap the half-acre lakefront lot he owns in exchange for some land the park district owns off the south side of Centennial Park. Now that he owns the new property, though, Ishbia has reportedly said if the park district backs out of the deal, he’ll hold on to the land he owns between the two parks.