A Chicago billionaire is ruffling feathers in an upscale Lake Michigan neighborhood after razing waterfront bluffs on his property to make way for a massive $44 million mega-mansion.
Justin Ishbia, 46, who co-owns the Phoenix Suns NBA team with his brother Mat, is already hard at work building his new home in Winnetka – which has seen the bluffs of his 3.7-acre property completely leveled and all greenery removed .
Since 2020, the $2.7 billion private equity mogul has acquired four parcels of shoreline land, three of which he mixed together to build his dream home with 68,000 square feet of living space and indoor and outdoor swimming pools.
But Winnetka Village Board trustees are now scrambling to decide whether they should allow lakefront property owners full control of the bluffs on their properties, or whether the village should regulate them to ensure the lakefronts don’t suffer an “irreversible erosion”.
They held a session Sept. 12 to consider adopting regulations for “steep-slope bluff” areas along Lake Michigan in Winnetka, where the average home price is just under $1.5 million. dollars and the average household income is $417,007.
Justin Ishbia speaks to the media before Mat Ishbia’s introductory press conference on February 8, 2023, at the Footprint Center in Phoenix, Arizona.
A view of idyllic Lake Michigan where Justin Ishbia is building a $44 million mega-mansion
One trustee, Tina Dalman, said construction could have been controlled if regulations had been in place – and the time to stop the project would have been back when Ishbia asked the council to merge its three properties into one alone.
“That’s where it could have been stopped if we had more control and we didn’t,” she told the Chicago Tribune.
“This building is currently built in accordance with standards, without exemptions. This, I think, is the heart of the problem.
Village President Chris Rintz asked the council how concerned he was about Ishbia’s construction. Rintz said: “It’s big. There are many. People are scared.
Meanwhile, Joni Johnson, former president of the village’s zoning board, painted a clear picture of the Libertarian zone and revealed that she had previously refused to give officials the power to block this type of megaproject.
She said the village “now got what it deserved”.
“This city is fundamentally very libertarian. He could barely pass a leash law,” she told the Daily Beast.
She claimed that during her tenure, even modest affordable housing proposals sparked “hysteria” before being abandoned.
The council brought in Caleb Barth, a marine engineer with Baird and Associates, to explain how removing cliffs can lead to damaging erosion, but it can be done safely through regulations.
“Projects can be well designed. You can remove sections of the bluff. You can design them, provide retaining walls, provide foundations that can prevent sudden failure,” Barth said.
“As long as engineers exercise a standard level of care, impacts can be limited and ultimately what is done on the cliff does not necessarily impact coastal processes.”
During the session, other shoreline owners spoke about protecting the coastline.
“If there are gaps in our existing rules and regulations, gaps in safety and soundness, then those need to be filled,” said resident Leann Pope.
Ishbia’s exact plans for the house remain a mystery — and it appears the cliffs aren’t the first obstacle in the project’s road.
The business tycoon attempted to swap his fourth parcel of land with the village in exchange for land the village owns between the three he is currently developing – but the deal fell through.
Before the board voted to consolidate three of the four parcels on Dec. 6, Justin’s wife, Kristen Ishbia, tearfully addressed trustees about having to put their dreams on hold.
“When we first purchased property here in Winnetka in the summer of 2020, we thought we would be able to send our son to kindergarten here.
“Unfortunately, as time goes by, we fail to build our house,” Ishbia said.
“Our children can’t go to school here, play in our yard and make friends in the neighborhood. They cannot live our dream of an authentic, quiet suburban life.
Ishbia is now set to spend a record $77 million on the project, according to Patch.com. His brother is building his own 60,000 square foot mansion in Michigan, which will have its own amusement park.
Ishbia supports his wife Kristen who cried during a Winnetka village council meeting on December 6
Justin Ishbia (left) and his brother Mat (right) are co-owners of the NBA’s Phoenix Sun.
Mat Ishbia is currently building a 60,000 square foot mansion in Bloomfield Township, Michigan.
According to The Daily Beast, neighborhood users on the Nextdoor app mocked the billionaire for the construction.
One user called his house project a “cathedral erected to worship greed, narcissism and complete disregard for nature.”
“This house will become Winnetka’s ‘Michael Jordan House’ in 30 years and can never be resold,” wrote another.
Ishbia defended his project to the Daily Beast. “Some people don’t have all the information,” he said, but “everything we do is fully authorized.”
His team, made up of “some of the best architects and builders,” worked diligently to “comply with all laws,” he added.
Ishbia did not comment on the size of his new home, only saying that community members include the basement in their square footage estimates.
He says the trees were only removed after consultation with a village forester and will be replaced at the required density once construction is complete.
He also said that “the cliff will be restored in accordance with the permits we have received”, but admitted that it would not look the same as before.
Village of Winnetka communications manager Josie Clark said she did not have a statement on the matter.
DailyMail.com has contacted Justin Ishbia for comment.