Chicago Judge Approves Sale of Segal’s Estate for $17.6 Million

A federal judge this week approved the sale of a suburban estate that belonged to a jailed insurance executive after a building company and preservationists agreed on how to develop the historic property.

The Chicago judge okayed the $17.6 million sale a month after Highland Park preservationists expressed fears the lakeshore estate, which is listed on the National Register of Historic Places, could be subdivided and its character lost.

Michael Segal forfeited the property as part of his conviction in 2004 for fraud, racketeering and embezzlement. He was sentenced to 10 years in prison and ordered to forfeit $30 million for looting a trust account at his Near North Insurance Brokerage.

The 17-acre estate includes a garden designed by celebrated landscaper Jens Jensen, a greenhouse, a pool and 500 feet of private beach. The Prairie-style Tudor Revival main home, designed by architect Howard Van Doren Shaw, has seven bedrooms.

Jeffrey Mayer, a lawyer for developer Orren Pickell of Lincolnshire, welcomed the ruling, the Chicago Tribune reported on its Web site.

“I believe it’s a resolution that’s beneficial to all the parties involved,” he said.