Ward Room
Covering Chicago's nine political influencers

Rod Blagojevich's House is Listed for $1.07 Million

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    Ravenswood Manor home hits market for more than $1 million. (Published Tuesday, Oct 4, 2011)

    Rod Blagojevich's home has finally hit the market.

    The 3,817-square-foot Mediterranean-style house has been listed for $1.07 million.

    The 13-room estate hit the Chicago real estate market Sunday when Patti Blagojevich listed it with her River Realty Services.

    "It's not just a house that we're selling. It's our home. We've lived here since 1999. It's the only home that out children have ever known. It's kind of sad, and you know, I'm more sad for our children who definitely don't want to leave," Patti told NBC 5.

    The home is one of the few assets remaining to the Blagojevich family, which will likely face fines and legal fees after Rod was convicted of fraud, bribery, extortion, and conspiracy. The family was ordered to use the home as collateral for a $450,000 bond against Blagojevich.

    The couple had said the home was for sale in July, after the governor was convicted on 17-counts of corruption, but this is the first time a listing has been seen. Patti -- a licensed agent --  is the realtor for the sale. That means the couple could profit from the court-ordered asset liquidation.

    "It's a hard decision. We tried for a long time now to hold on and not have to sell. But we are unfortunately like many Americans and we can't afford to stay in our house any longer," Patti said.

    Jay Michael, founding partner of Cedar Street Capital, owns more than 1,000 apartment units in Chicago. He believes the house is priced right when looking at comparable homes in the neighborhood, but says it'll still be a tough sell because of the depressed housing market.

    "It's a very specific sub-market. Even though you're in Ravenswood Manor, which is very desirable, you're still looking to spend a million dollars in a market that doesn't really have million dollar inventory. So, you have to find a very specific buyer that wants that," Michael said.

    It's not clear when the governor will discover the length of his expected prison term. His sentencing, which was scheduled for Oct. 6, has been postponed indefinitely.