RAO ASKS $11.9 MILLION FOR LAKE DRIVE HOME

RAO ASKS $11.9 MILLION FOR LAKE DRIVE HOME

Exclusive to the readers of milwaukeeworld

By Michael Horne

The setting is more San Francisco Bay than Whitefish Bay, and so is the price tag. The Beaux Arts Mediterranean Villa, perched on a bluff overlooking Lake Michigan at 5270 N. Lake Drive, has been put on the market by Kailas and Becky Rao for $11.9 million, an unheard of price for what is admittedly one of the more impressive single family residences in the region.

The home, built in 1919 for Schlitz Brewing Co. director Herman Uihlein, was the first in Milwaukee to command $1 million, which it did in 1989 when it was purchased by Peter Buffett.

Buffett soon downsized, finding the mechanical demands of the aging structure to be beyond his then relatively straitened means. Rao bought the limestone pile and gutted it of such anachronisms as the butler’s pantry with its gleaming nickel sink and the servants’ dining room with its Formica. He brought the interior up-to-date in a particularly lavish fashion. According to the property’s listing at Christies Great Estates, “some of the most elaborate architectural themes from England, Germany, Italy, and France have all been lovingly incorporated into the details.” Have they ever! Furthermore, the real estate advertisement boasts, “Within this resplendent residence, each room displays a miraculous resemblance to one of many renowned international landmarks, making it a truly unforgettable entertainment.” You can say that again! In addition to the unnamed international landmarks, some critics have also detected certain classical Hellenic features such as one might ordinarily find at a Greek restaurant, along with motifs that if not entirely reminiscent of the Taj Mahal, do evoke some of the majesty of a Bollywood movie set. An expensive embroidered rug featuring the seal of the President of the United States was installed as a lure to attract a visit by President Bill Clinton. Alas, Clinton, who visited the home while a candidate during the Buffett era, has not been back since.

BUT $11.9 MILLION?

The Village of Whitefish Bay has assessed the property at $2,572,400, with the land being valued at $496,800 and the improvements at $2,075,600. The village reckons the property’s estimated fair market value at $3,511,300, or less than a third of the Raos’ reckoning.

Even at its devalued state, the property commands a property tax bill of $71,134.69 (after credits). Rao has paid $53,321.94 thus far on the installment plan. The last payment, for $17,812.75 was made on March 21^st, 2007, with an equal amount remaining as balance.

A new owner, paying Rao’s asking price, would face a tax bill in excess of $300,000 annually, which could buy you a fair-sized cottage in some of the rougher parts of town.

The sale is listed with Terry Rathbun of Shorewest Realtors in Shorewood.