The former CEO of Horizon Therapeutics paid $13.5 million for a Lake Geneva mansion
Timothy B. Walbert, the former CEO of the now-acquired biotech company Horizon Therapeutics, and his wife, Kelly, are the buyers who paid $13.5 million in June for a six-bedroom, 8,756-square-foot mansion on the South Coast. Lake Geneva in Lake Geneva, Wisconsin.
The Walts bought the mansion from John Cobb, the recently retired chief investment officer of Ventas Inc. Chicago-based real estate investment firm, and his wife Sarah.
Walbert launched several major drugs, including the immunosuppressive drug Humira, while working in immunology at Abbott Laboratories. He then joined Horizon in 2008 as its CEO and moved the company to the Chicago area in the same year. Walbert acquired Horizon in 2011, and sold the company earlier this year to biotech giant Amgen for $28 billion. At the time of the sale, Horizon’s U.S. headquarters were located in Deerfield.
Walt and his wife own another home in Lake Geneva. In June, according to sources in Lake Geneva, they paid $13.5 million for the Cobbs House, which was built in 2018 and designed by Evanston architecture firm Morgante Wilson Architects.
The new Waltz mansion has not been listed publicly, but the Cobb family put it up for sale privately starting in April for $14 million, according to records on the Multiple Listing Service that were made public only after the house was sold. The mansion has 7 1/2 bathrooms and a skywalk that runs through the house’s double-height great room, connects the upstairs bedroom wings and passes through a steel chimney, according to a Luxe Interiors + Design article about the mansion in 2021. Other features include a traditional-style facade with arched windows , a standing metal roof, steel balcony railings, windows topped with steel I-beams, and a Lannon stone exterior. Outside, the mansion sits on a 1.43-acre lot that includes a pool, dock and two boat ramps.
Records show that the Walberts used a Northbrook-based land trust to purchase the mansion.
The Walberts’ purchase price is higher than anything paid so far this year for any home in Chicago or its suburbs. But the Walberts’ purchase price falls short of the highest prices ever paid for lakefront real estate on Lake Geneva. Billionaire J. Christopher Reyes paid a record $36 million in early 2022 for the late money manager Richard Driehaus’s 12-bedroom, 14,145-square-foot Lake Geneva mansion, while gaming cabinet and console magnate James Conlon paid $17 million for the antique villa. . Hortensia’s 20.5-acre lakefront mansion on Lake Geneva, which, as Elite Street reported, Conlon later ended up demolishing.
A spokesman for Tim Walbert declined to comment on the purchase. The real estate agent representing the buyers and sellers, David Carey, did not respond to a request for comment.
The Walberts’ new mansion had a property tax bill of $68,755 in the 2022 tax year.
Goldsboro is a freelance reporter.
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