Tycoon's Extravagant Pink Mansion Sells for (Almost) the Price of a Hot Dog

Legal battles and thievery embroiled the Highland Park estate of the late Mikhail Katamanin, a big spender who left behind a $27 million trail of debt. The house sat on the market for three long years before the $2.2 million purchase.

Photo by: Jameson Sotheby’s Grand entrance and piano of Katamanin's Highland Park mansion. The rumors — now discredited — were that NBA forward Lebron "King James" James was scouting the house as a permanent residence when he was choosing a team in 2010 before heading to the Miami Heat.

It's pretty spectacular — or ostentatious, depending on your taste. Rising 120 feet above a private beach, the late Mikhail Katamanin's North Shore estate sold for $2.2 million, a painful slash from the 2009 ask of $8.93 million, reports Dennis Rodkin of Chicago Magazine. What did the buyers walk away with? Think palatial. Maybe even celestial! (We've heard "gaudy" used via Curbed.) 

According to the listing, the 6-bedroom, 9-bath Sheridan Road property has an indoor pool, a 6-car elevator garage (because you need that), a sauna, spa, gym and terraced walkway. It sits on an acre and has all the regular stuff, just bigger and more of it (taxes were $153,079 in 2011). Rochelle Adkinson, former host of CLTV's HomesPlus, didn't mince words about the 11,000-square-foot quarters: “The excess was enough to make you mad,” she told Rodkin, describing the layout as a "maze." 

The house had a string of sales reps, price cuts and messy legal entanglements before Jameson Sotheby's finalized the deal. Not to mention plenty of debt and drama to go around: Katamanin, who also owned homes in Switzerland and Moscow, a 40-foot yacht and an envious collection of foreign cars, was on the hook for $7 million owed to casinos in Las Vegas and Atlantic City in addition to $20 million on the books. Accusations of "carelessness" levied at sales reps for the house were followed by a lawsuit initiated by Lena Katamanin, Katamanin's widow, after a reported $162,000 worth of jewelry and loot were stolen from the property during an open house, Rodkin reported. 

It's not over yet: There's another property. The compound has a 9,800-square-foot mansion that's on the market for $2.95 million, reduced from $5.7 million, though we expect that's not the last word on price.

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