Convicted insurance broker Michael Segal's historically-recognized estate has been sold for $17.6 million, after an agreement was reached between the buyer and preservationists.
The Landmarks Preservation Council of Illinois and the National Trust Fund for Historic Preservation reached an agreement with the buyer, Orren Pickell, owner of the development firm Orren Pickell Designers & Builders, Lincolnshire, Ill.
U.S. District Court Judge Ruben Castillo, in Chicago, who presided over Mr. Segal's trial, approved the sale of the Becker-Segal Estate in Highland Park, Ill., in October.
The 17-acre estate was placed on the National Register in 1984.
The agreement will allow development on portions of the land but preserve the home and gatehouse. It also opens portions of the property to the public.
Mr. Segal, former head of the insurance brokerage firm Near North, Chicago, was convicted in 2004 of embezzling $20 million from the firm's premium trust account. He was sentenced to 10 years in prison and ordered to pay more than $30 million in fines and restitution.
The home was seized by U.S. Marshals after Mr. Segal's conviction.
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