Yusef Jackson, a son of the Rev. Jesse Jackson, bought a rundown foreclosed home in the South Shore neighborhood that’s one of only a handful of privately owned houses in the city with Lake Michigan frontage.
“I haven’t decided what I’m going to do with it, but it’s a unique property so I wanted to get it,” Jackson said yesterday, the day after he paid $610,000 for the house on South Shore Drive. That’s about 20 percent more than the $504,900 the seller, Los Angeles-based BBCN Bank, was asking.
The house’s lot extends into a shallow cove of Lake Michigan that lies immediately south of the South Shore Cultural Center. Four other houses and some mid-rise residential buildings face the same cove. Their easternmost lot lines are underwater, where a street was once planned. Jackson said the lot line for the home he bought is about 85 feet from shore. (See photos of the beach below.)
On the city’s North Side, there appears to be only one privately owned house with Lake Michigan in its backyard. That one and the South Shore group may be the only six privately owned houses in the city with their own Lake Michigan beaches.
Read More at Crain’s Chicago Business: https://www.chicagobusiness.com/realestate/20170810/CRED0701/170819991/yusef-jackson-buys-south-shore-foreclosure-with-backyard-beach