Gold Coast mansion owned by Jay and Gretchen Jordan for sale at almost $19 million

The highest sale price for a Gold Coast home in recent years is $7.5 million, paid in 2017 for a rehabbed 10,000-square-footer. 

The $18.75 million offering on Burton Place is being sold by John “Jay” Jordan, head of New York private-equity firm the Jordan Company, and his wife, Gretchen. They could not be reached for comment. It’s represented by Katherine Malkin of Compass. 

Jay Jordan bought the building in 1996 for $1.8 million, according to the Cook County Recorder of Deeds. At the time, it was “about 10 apartments in a state of terrible neglect,” Malkin said. The building dates to the 1910s, according to the Cook County Assessor. 

Jordan rehabbed it into a 20,000-square-foot home with six bedrooms, 13 bathrooms and a two-car garage. The cost of the project is not known. Malkin declined to discuss the sellers. (See more photos below.)

One key to the rehab, Malkin said, is that there’s now a small open-air courtyard in the middle of the building. “It gives them the kind of light inside that we don’t normally see in city houses,” she said. 

The house has a palatial foyer that opens to a staircase lit from above by a skylight and to a long gallery-style hallway through a series of archways. The main rooms include two dining spaces that flank the courtyard, one finished in white stone and marble floors, the other wrapped in wood, and a grand-scaled living room that opens onto a walled terrace. 

The main bedroom suite includes an office, a private terrace, a gallery space, two dressing rooms and an all-marble bath. Tucked beneath the roof of the house is a loft-like billiards room with skylights, and in the basement is a wine-tasting grotto next to the wine storage room. 

The Jordan house is next door to the 10,000-square-foot house that Lowell and Caryn Kraff put on the market at $13.5 million in early October. It was built in 2008, with inspirations from Paris, New York and Beverly Hills, Lowell Kraff said.

Also for sale on Burton Place is a 35-room mansion at Burton and Astor Street that since 1962 has held offices and residential space for the Greek Orthodox diocese that includes Chicago. Listed in August and in need of updating, that one is priced at $4.5 million. 

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