Billionaire Justin Ishbia begins demolition for epic Winnetka estate

One of the NBA’s newest team owners is getting the ball rolling on a three-home demolition on suburban Chicago’s North Shore to make way for what will likely be a massive mansion built in their place.

Billionaire Justin Ishiba — who took a stake in the Phoenix Suns and the WNBA’s Phoenix Mercury when his brother Mat bought the teams this year — began tearing down parts of a four-property assemblage worth nearly $40 million on Lake Michigan in Winnetka, the Chicago Tribune reported.

Justin Ishbia, the co-founder of Shore Capital, and his wife Kristen aim to redevelop their lavish collection into a new estate. But the couple is still working on a proposed land swap for one of the homes with the Winnetka Park District.

The land swap, which involves a property the Ishibas bought for $6.2 million in 2020, would be given to the district to help them achieve the local government’s goal of bringing together two lakefront parks. In return, the Ishibas would receive a portion of just more than half an acre of Centennial Park as part of their new 3.7-acre homesite so their lakefront property line would be uninterrupted by the park.

While the two sides continue to negotiate terms of the trade, the couple has moved forward with demolition.

One of the homes, a mid-century estate the couple bought for $8.2 million in 2020, has already been demolished. Another they bought for $9.5 million is about halfway torn down, and the last one, a 9,900-square-foot mansion purchased through a trust in July for $16 million, will be demolished next.

In December, Winnetka’s Village Council voted unanimously in approval of the Ishibas’ redevelopment plan. The size and cost of their new estate is still unknown, but the four properties combined for $568,272 in tax bills in 2021.

Even though local officials approved the project, there are some complications stemming from a lawsuit filed by a resident against the park district, claiming the government would be in violation of the state’s land trust if it were to give away land. Ishbia and the park system are still in the process of striking a deal, though.

The Ishibas’ other holdings in the Chicago area include an 8,200-square-foot Lincoln Park mansion that they bought for $12.5 million in 2021, and a 30th-floor condo in a Near North Side building purchased for $5.6 million in 2018.

— Quinn Donoghue