A $6.5 million bargain? Vacant Barrington Hills mansion on market nearly two decades

The average Joe might not consider $6.5 million a bargain price.

However, a 22,000-square-foot estate in Barrington Hills, once listed for $17 million, is available at that markedly reduced price and has the added benefit of having never been occupied — despite being more than 20 years old.

The mansion at 344 Old Sutton Road sits on a spacious 14.4 acres and is a dream home waiting to happen, the listing agent says.

It was purchased by the Forsythe Building Fund in 2003 for $1.85 million, according to records. Gerald Forsythe is the chairman and CEO of the Indeck Companies, and also has carved out a formidable presence as an owner in the motorsports field.

Listing agent Gregg Bernadette said the home was first put on the market around 2007. It was purchased as an investment property and the buyer never intended to live there.

“When the home initially went on the market, it was a much higher price point,” he said. “Then, obviously, in late 2007 and 2008 we ran into quite a bit of a housing and financial crisis, which definitely made the selling environment very difficult for homes in this price range.”

The listing price steadily tumbled, as the property passed through the hands of different agents. Now, the seller is much more motivated, Bernadette said.

“You would be very hard-pressed to find something with this kind of square footage on this type of lot,” Bernadette said. “With this type of architecture and certainly the cost of land and labor and materials, I don’t think anybody would be able to build something of this size anywhere near the current asking price.”

The estate’s most recent property tax bill was listed at $94,512 a year, according to Cook County records.

With a view of Goose Lake, the house has seven bedrooms and 12 bathrooms — eight full and four half baths.

The master bedroom has a sitting room, spacious walk-in closet and bathroom on the second floor. There are four other bedrooms on the second floor, and family members or guests can also enjoy a generously sized bedroom on the main floor.

There’s a private in-law suite, or maid’s quarters, featuring a separate living area with the estate’s seventh bedroom, as well as a kitchen and laundry.

An elevator serves all levels.

The house has a steam room, sauna, outdoor pool with spa, wine cellar and a professional-style movie theater. There’s also a six-car garage.

“There are really just a lot of options, whether you’re a multi-generational family or a family that is fortunate enough to have live-in staff,” Bernadette said.

The buyer would have the ability to use outlot space as well, he added.

“We have had potential buyers look at the property who have considered putting in a barn for horses or additional garage space for a car collection,” he said.