Last summer, David Van Zandt announced that he was stepping down as dean of Northwestern Law, in order to assume the presidency of the New School here in New York. In the fall, he put his magnificent mansion on the market — for a whopping $4.7 million. (DVZ bought the 6,300-square-foot house, in Chicago’s tony Lincoln Park neighborhood, for $922,550 back in 1996.)
We were impressed. We wrote at the time: “It seems that Dean Van Zandt’s talents extend to real investing as well as academic administration!”
But some commenters were less enthused. Wrote one, “Let’s wait and see how much he actually gets, shall we?” Said a second, “I live in the area…. he will be lucky to get $3.0M.”
We can now report that a buyer has closed on President Van Zandt’s former home. How much did he get for it?
The commenter who guessed $3 million was not far off. The Van Zandt home sold for $3.1 million, according to Curbed.
What to make of this outcome? On the one hand, it’s a lot lower than what DVZ was seeking — $1.6 million lower, a drop of about one-third from the listing price. On the other hand, $3 million is still a heck of a lot of money to get for one’s house. Remember that Van Zandt is an academic, not a law firm partner. (He did work at Davis Polk before joining the Northwestern law faculty, but DVZ was just an associate when he left DPW.)
Northwestern Law recently announced its new dean: Daniel Rodriguez, currently a professor at UT Law. Any word on where Dean Rodriguez might be settling? Hopefully his Lawyerly Lair will be just as luscious as his predecessor’s.
P.S. If you haven’t done so already, you can drool over the photos of the Van Zandt house in this slideshow.
Ex-Northwestern Law School Dean Sells for $1.5M Under List [Curbed - Chicago]