In the midst of changes, backpedaling and more changes involving the way tradeshows and exhibitions work at Chicago’s Navy Pier and McCormick Place, a one-time chairman for the group is running into problems of his own; his multimillion-dollar mansion may be in foreclosure. Meanwhile, small businesses find they can’t afford exhibit space in these premium venues due to the labor costs and political red tape. Karmic payback? You be the judge.
From Crain’s ? “Former McPier Chairman Ted Tetzlaff faces foreclosure”
High-profile Chicago lawyer Ted Tetzlaff has a tough new case: selling his Lincoln Park mansion while fighting a $4.5-million foreclosure suit from Bank of America Corp.
Mr. Tetzlaff, a former chairman of the agency that owns McCormick Place and Navy Pier, has been shopping his 15,000-square-foot, nine-bedroom home in the 2400 block of North Lakeview Avenue since July, says listing agent Mary Bennett of Koenig & Strey. The home, once owned by the Wrigley family and at one time floated as a potential official residence of Chicago’s mayor, is listed at $9.5 million. A trust whose beneficiary is Mr. Tetzlaff paid $9 million for the home in 2004, county records show.
Yet the foreclosure suit could complicate a potential sale. Charlotte, N.C.-based Bank of America filed the suit in Cook County Circuit Court in May, alleging that Mr. Tetzlaff hasn’t made monthly mortgage payments since December. In addition to the $4.5-million senior mortgage, the home is also encumbered by a junior $2-million loan from Citibank N.A.
Mr. Tetzlaff says the suit will be resolved soon.
?(The foreclosure) was the result of a misunderstanding of amounts due and we’re awaiting documentation to conclude it,? he says.
His lawyer, Chicago-based James Benak, says a settlement has been reached with Bank of America.
?It was represented in open court that the parties had reached a settlement on a misunderstanding they had, and the judge struck the matter from the call,? Mr. Benak says. ?Which to me means it’s not going to come up again.?
But no settlement has been authorized by a judge yet, and a Circuit Court clerk says that court records suggest the case is still active. A Bank of America spokeswoman and the bank’s attorney, Ken Nannini with Wirbicki Law Group LLC in Chicago, declined to comment.