This Chicago Penthouse includes an auto showroom/man cave/clubhouse.

I know I usually focus on Southern California real estate, but this Chicago penthouse is so fabulous I had to give you a peek. Besides, it’s being repped by L.A. realtor Daniel Stevenson of The Agency, and the owners were in town just last weekend, showing one of their sleek vintage Porsche’s at the Beverly Hills Concourse. You’re not going to believe the property they’re offering is in Chicago, as it’s a certain type of California homeowner’s dream dwelling.

What’s so unusual about it? Well, the distinctive Chicago penthouse property includes a 2,537-square-foot designer condo and a 2,700-square-foot underground showroom. It’s currently being used as an auto showroom, full of approximately $15 million to $20 million worth of vintage Ferraris and Porsches.

The Chicago penthouse and it’s collector’s room (don’t call it a garage) are listed for nearly $4 million, and are located in the architecturally significant Lake Point Tower—a luxury building with more than 2-acres of private, wooded grounds on swanky Lake Shore Drive—one of the most prestigious addresses in the city.

The penthouse living spaces are lovely with a contemporary style, open floor plan, and stunning views of the city, lake, and beyond. There are two bedrooms and two bathrooms.

But it’s the subterranean showroom that really takes the cake. Configured with tight security and climate control, it was created to exhibit precious collections. The homeowner’s favorite is a 1953 Ferrari 340 MM Competition Le Mans Spyder as the crown jewel. The showroom also features a wet bar and a built-in Bang & Olufsen sound system.

Curious about how this amazing underground spot came to be? When I interviewed him for an article on Realtor.com, marketing agent Stevenson told me the homeowner knew the building’s developer, and purchased the deeds to 14 parking spaces along with the penthouse condo. The proud new owner then walled in 12 of those spaces, installed plumbing and climate control, and added designer decorating touches that suited his car collection. As for the remaining two parking spaces? That’s where he parks the rides he uses to actually go places, of course.

If this property were in Los Angeles, the fancy car capital of the free world, it would have already sold—especially considering the condo fees are only $1,641 per month. But Chicago is a different market, according to Stevenson. He says Midwesterners are a bit more conservative and traditional.

The subterranean space isn’t limited to auto-related uses. Stevenson envisions it as the perfect place for an art, jewelry, or costume collection. They’re marketing it to designers such as Nicole Miller, who might enjoy a presence in Chicago, with a posh living space upstairs and a private atelier below, a bit like Louise Kennedy’s in Dublin. I also see it as ideal digs for Oprah, now that she’s sold many of her properties in Chicago. If she wants to keep a toe dipped in the Windy City, she could transform the showroom into a supreme closet.

The current owner of this Chicago penthouse is the head of a production design company that oversees corporate events and private celebrations for huge clients. He races the cars in his collection, in road rally events like the Mille Miglia, a 1,000-mile Italian race from Brescia to Rome. His wife is also a trained race-car driver and often serves as his navigator.

So where will this well-wheeled couple land once they sell their top-to-bottom spread in Chicago? Where else but the fancy car capital of the free world? L.A., of course. We welcome him with open arms, and are sure he can find a new place with a custom show garage for his collection. They’re quite the thing here these days.

Fab Chicago Penthouse Would Be at Home in Hollywood

by Lisa Johnson Mandell