The 27,000-square-foot French-inspired Winnetka mansion known as "Le Grand Reve" — which once was listed for $32 million — on Wednesday underwent a nearly $1.1 million price cut to its lowest asking price yet: $11.9 million.

Owners Sherwin and Deborah Jarol's previous listing agent said the couple spent fully $36 million to build the chateau-style mansion, which was completed in 2008. Designed by Los Angeles architect Richard Landry, the 26-room mansion was unofficially listed in 2009 for $32 million and then it was formally listed the following year for $28 million.

Elite Street: Chicago luxury real estate

Bob Goldsborough on Chicago's upper-bracket buyers and sellers.

Bob Goldsborough on Chicago's upper-bracket buyers and sellers.

Read more stories

The Jarols cut their listing price to $23 million in late 2010 and then tried placing the mansion up for auction in 2011. After it failed to sell at auction, it was formally listed for $32 million and then pulled from the market. It was relisted in 2014 for $15.9 million and then had its asking price cut to $13.9 million and then to just under $13 million.

The mansion has a two-story rotunda, a Tiffany stained-glass dome, a wine cellar, a covered loggia, nine fireplaces, six full baths and four half baths.

The mansion has had a series of listing agents. Its current listing agent is Jena Radnay of @properties, who told Elite Street the mansion is a "phenomenal value."

"It's the best-built house in the Midwest," she said.

Bob Goldsborough is a freelance reporter.

A seven-bedroom, 25,000-square-foot Lincoln Park mansion is on the market at a record asking price of $50 million.

Our editors found this article on this site using Google and regenerated it for our readers.