‘A rare gem’? This Chain O’ Lakes island is no paradise, but it can be yours for $200,000

The thought of owning a private island evokes visions of a warm breeze, a cool beverage on the beach and a relaxing break from the daily grind.

Sounds good, right? You may be in luck. A 1.22-acre island on Grass Lake near Antioch is for sale at the recently reduced price of $200,000.

But it's far from paradise. While the rectangular piece of land is only about 100 yards from Blarney Island, a legendary hot spot and self-proclaimed “Greatest Boating Bar in the World,” it may as well be light-years away.

What structures remain are dilapidated. Its seawall needs repairs. Aside from two fires, there reportedly has been no regular activity on the island in at least 25 years.

In short, the property has seen better days. But like any good real estate listing, the island’s location sells its potential.

“Here's your once-in-a-lifetime chance to claim a rare gem on the legendary Chain O' Lakes,” the online listing reads.

Brett Larson, the listing agent for Redfin Corporation, acknowledges there are challenges and costs in reviving the property — if it would be allowed. He's realistic but not deterred.

“We've had a ton of interest,” he said, adding that the listing has gone viral on some platforms. “For the right buyer, it's a gold mine.”

However, that prospective buyer might also need to own a gold mine to proceed with new development or redevelopment.

The island is near Antioch but in unincorporated Lake County. As such, it’s subject to Lake County zoning and building codes, well and septic requirements, and site development regulations, according to Eric Waggoner, the county’s director of planning, building and development.

It's in a flood plain, is entirely below the base flood elevation and likely contains wetlands and aquatic resources under the jurisdiction of the U.S. Army Corps of Engineers, he added.

Previous development includes a clubhouse for the Horse Shu Road and Gun Club of South Holland. The building still exists but is barely standing on the western end of the island.

The rod and gun club bought the property in 1952 and sold it to its current owner, Chicago resident Kim Renner, in November 2020, according to Diana Dretske, curator of the Lake County Forest Preserves' Dunn Museum in Libertyville.

The clubhouse and other structures were built before modern regulations, mostly when the island was part of a peninsula still connected to the mainland more than 50 years ago, according to Waggoner.

“New development (or) redevelopment on the island would be extremely challenging given the island's natural resource constraints and other regulatory limitations,” he added.

Joe Keller, executive director of the Fox Waterway Agency, agreed.

“There's a process and it's time consuming and costly,” he said.

Activities on or near the island date to 1910, when George H. Nelson moved a house boat to the area near the mouth of the Fox River.

During Nelson's time, lotus blossoms were the biggest driver of tourism on Grass Lake, according to Dretske. But by the 1950s, lotus beds were devastated by the artificially high water level created by dams, boat traffic and pollution, she added.

Nelson sold the property to Chicago resident Lewis Pfeifer in 1919 and the Pfeifers sold it to the Horse Shu Road and Gun Club in 1952.

The island comprises six small parcels. According to former Blarney Island owner Clem Haley and current owner Rod Hardman, three related Chicago families used the island for many years and operated private clubs in three cottages.

Renner bought the island a few years ago for $50,000 because it was a good deal, Larson said. She had high hopes, possibly for a bed and breakfast, but didn't do anything with the property and now wants to sell since she’s moving out of state, he added.

Since the coronavirus put a premium on outdoor recreational spaces, property values along the busy Chain O' Lakes have soared, according to Larson.

“We figured one acre of your own island on the Chain has to be worth a couple hundred thousand dollars,” Larson said.

The original asking price has been reduced by $50,000.

The listing notes the potential to create a secluded retreat, one-of-a-kind vacation rental or unforgettable family getaway as vast as the surrounding water. But any offer would come with an asterisk.

“I've been telling everyone, ‘You have to do your due diligence,'” Larson said.