News Summary
A remarkable milestone in Wisconsin’s real estate market was achieved with the sale of a three-level home on Pine Lake for $16 million, the highest this year in the Milwaukee area. The luxurious property, spanning 10,000 square feet with seven bedrooms and upscale amenities, reflects the increased demand for ultra-luxury homes in the region. This sale follows a trend observed since the COVID-19 pandemic, showcasing the growing interest in lavish properties among high-net-worth individuals. Notably, Lake Country recorded 20 sales over $4 million since 2020, a significant rise from previous years.
Chenequa, Wisconsin – A remarkable milestone in the local real estate market was achieved when a stunning three-level home on Pine Lake sold for a record-breaking $16 million, making it the most expensive home sale this year in the Milwaukee metropolitan area. The luxurious property, featuring seven bedrooms and 7.5 bathrooms, spans approximately 10,000 square feet and offers upscale amenities that cater to the high-end market.
The newly sold property includes exceptional features such as an infinity pool that provides breathtaking views of the lake, along with a separate guest wing to accommodate visitors. In addition to the real estate transaction, the final sale price encompassed $1 million worth of personal property, which consists of furnishings, boats, vehicles, and a pier. Mark M. Egan of Hartland was the seller of the home, while the buyer is Grizedale US LLC, a Nashville-based entity.
Bruce Gallagher, a broker with Gallagher Lake Country Real Estate, highlighted that this sale represents a substantial trend towards ultra-luxury real estate in Wisconsin, significantly influenced by the impacts of the COVID-19 pandemic. Since the onset of the pandemic in 2020, the demand for lavish properties has surged. In Lake Country alone, there have been 20 home sales exceeding $4 million, a dramatic increase compared to the mere four such sales recorded in the area from 2006 to 2019.
Typically, buyers in this segment of the market are high-net-worth individuals who span a diverse range of demographics, including young families in their 30s as well as retirees. Many of these luxury homes are purchased by local residents from southeastern Wisconsin, serving often as second or even third residences. The buyers are particularly attracted to high-end amenities, which may include home gyms, outdoor kitchens, and expansive swimming pools.
Despite regional economic challenges, the demand for these elevated properties remains robust, with prices that challenge those seen in much more exclusive markets such as Aspen and Malibu. Another example of the burgeoning luxury home market is the recent sale of a property on Beaver Lake in Chenequa for $7 million. This residence, constructed in 2016, features six bedrooms and seven bathrooms, along with a bunkhouse that includes two additional bedrooms and bathrooms.
In addition to these significant sales, the Northcote Estate, located near North Lake, was sold for approximately $4.89 million. This estate boasts a spacious 5,710-square-foot main residence situated on a generous 15-acre lot, further exemplifying the upward trend in real estate values in the region.
The substantial growth in Wisconsin’s ultra-luxury market not only highlights a shift in buyer preferences but also emphasizes the ongoing evolution of real estate investments in the area. As more individuals look to secure lavish properties for leisure or dual purposes, it’s likely that this segment will continue to attract attention and generate impressive sales figures in the coming years.
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Additional Resources
- Milwaukee Journal Sentinel: Chenequa Home Sold for $15 Million
- Biz Times: Chenequa Home Sold for $7 Million
- Milwaukee Magazine: Lake Country House Sold for $16 Million
- Biz Times: Chenequa Home Sold for Nearly $4.9 Million
- Wikipedia: Real Estate
Author: STAFF HERE MILWAUKEE WRITER
MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.
