New proposal emerges to save Naperville mansion

A Naperville man is trying to raise $2 million to save the dilapidated Hammerschmidt mansion from being demolished.

Matthew Rasche, broker/owner of Portfolio Real Estate Brokerage, Inc., has come up with a plan to purchase the home at 432 E. Chicago Ave., restore it and sell it with proceeds going to charity.

The Queen Anne mansion was built in 1893 by DuPage County businessman Adolph Hammerschmidt. Last December, Chris and Sue Cobb bought it for $775,000 from Charlene O'Neill, whose family had owned it since 1961.

This summer when the Cobbs - who live next door - learned the cost to rehabilitate the home would be more than they expected, they applied for permission to demolish it.

But that move caused an outcry from some neighbors who say the house is part of the city's history and should be saved. They subsequently nominated the home for landmark status despite the Cobb's opposition, sparking a debate over property owners rights.

That application is pending with the historic sites commission but ultimately will be decided by the city council.

Rasche believes his plan can please both sides.

"What we came up with is a way to save and salvage the private property rights of the Cobbs as well as pleasing the community by saving the property and preserving its heritage," he said.

His proposal, which he will present to the historic sites commission tonight, calls for creating the Naperville Landmark Restoration Fund, LLC. People who want to contribute would be buying a subscription to the fund that would be tax deductible, according to Rasche.

Portfolio Real Estate would oversee the project to purchase the home from the Cobbs, restore it and sell it. Proceeds would be donated to area charitable organizations.

Subscriptions to the fund will be available from Sept. 1 through Oct. 31. Rasche said he wants the fundraising complete before the council votes on whether to give the home landmark status.

He currently opposes such a designation, fearing it would dissuade people from contributing to its restoration if they believe it would no longer be demolished. Such a move, he said, could result in the house being saved but then left to deteriorate.

He does, however, support landmark status after the restoration and also wants to put a monument on the property with the names of those who contributed.

If the necessary $2 million cannot be raised, money would be returned to the subscribers.

Chris Cobb confirmed the house is still on the market and called Rasche's plan "one very good viable option."

"This does not mean that some individual can't come in and just purchase the property to restore it themselves," he said. "It doesn't alleviate any other option of someone doing it but we're trying to be proactive to come up with some good options because we have not seen anyone else come up with anything."

Anyone interested in Rasche's proposal can contact him at matthew@myportfoliorealestate.com

The historic sites commission meets at 7 p.m. today at the municipal center, 400 S. Eagle St.