What does $13 million get you? The 'perfect' home on Oconomowoc Lake's picturesque shore

OCONOMOWOC LAKE - Certain real estate descriptions don't need to expressly specify that a home is "upscale" — especially when one is priced at nearly $13 million — but the term "perfect" is another matter.

That, in a nutshell, is what an extensively renovated 1960s Oconomowoc Lake home at 4654 Lake Club Circle represents, says its listing agent, and not just for the sake of a buzzword marketing tool. Rather, the level of quality-minded renovation to a property, with more than 8,700 square feet of finished living space on one of the region's most valued lakes, pretty much sets the tone for a select group of buyers.

The Georgian Colonial home, now listed at $12,995,000, was once owned by Elsa Pabst Byrnes, the great-granddaughter of brewer Frederick Pabst. It was sold in 2021 for $4.4 million. As reconfigured, it again went on the market in mid-May, with plans to open its doors for showings beginning May 22. Here are its highlights.

Lake Club Circle home rates close to perfect for site and structure

Gallagher Lake Country Real Estate, the listing agent, describes the home as "iconic" and a "landmark" along the lakeshore, but with a twist: a complete remodeling and reconstruction process that has freshened the property for an up-to-date home market. The goal is to attract someone who wants it all, particularly top-quality construction materials, said Bruce Gallagher, in affiliation with broker Keller Williams.

"It's hard to convey (everything about) these homes, when they are built like this," Gallagher said. "You walk in. Everything is perfect. Everything is so solid, so well built. The fit is perfect. It's just the overall setting" that sets it apart.

The presence and view of Oconomowoc Lake is an obvious feature

First, and foremost, though, it's a lakeshore property, which in itself partially explains its value to buyers. The 1.48-acre gated lot sits directly to the north of Oconomowoc Lake's main body and just west of the channel to Upper Oconomowoc Lake.

In the listing, Gallagher describes the lake itself in glowing terms, noting the 200 feet of hard-bottom crystal-clear frontage on the main lake and "big water views," aided by a three-season porch on the main floor of the house and a new year-round permanent dock with spaces for three boats.

What the listing doesn't say is that not all lakeshore property is created equal in terms of buyers looking for "prime lake property," Gallagher said.

"Really, there are three — Oconomowoc, Pine and Beaver — that are absolutely the most expensive, most exclusive lakes," he said. "They command a significant premium over the other lakes. For a decent lakefront lot of reasonable size and good quality frontage on any of those lakes, the land alone is going to start at $3 million and go up to significantly more." As high as $8 million, he added.

More than 8,700 square feet of living space includes elevator

Few properties priced at more than $1 million (at least in Wisconsin) are lacking in space, but one priced above the eight-figure threshold tends to spread out even more.

According to the listing, the finished living area is estimated at 8,728 square feet. That's not counting the 637-square-foot lower-level spa, which includes a workout area and a lake view. Nor does it include the estimated 2,635 square feet of unfinished space on the third floor. Nor the 1,152 square feet of space in the six-car lower-level garage. It does include the 720-square-foot coach house (which can serve as a guest house) and the lakeside cabana lounge.

The main house has five bedrooms, five bathrooms (plus a half-bath powder room). It also has a grand foyer, lounge/bar with wine room and a billiards room, seven fireplaces, plus an elevator linking the main floor, second floor and basement garage.

Extensive renovation puts the focus on quality materials

If you check the 2024 tax records for the property, you'll quickly see the Lake Club Circle home has no valuation so far this year. That alone points to the degree that the property has been reconstructed and enhanced as it heads to the market.

But again, Gallagher noted, it's the materials used in the construction that goes beyond the norm. "On a lot of these newer homes, simply the choice of materials, the quality of the features, the quality of the construction is far exceeding what people used to build," he said, something on which upscale lake-home buyers place a premium.

The listing says the exterior of the main home, coach house, and lakeside lounge were rebuilt with "top-end materials" — things like boral nickel shiplap, NuCedar siding, dimensional roof shingles, and half-round copper gutters. Inside, the rooms include "the finest available" finishes, including Christopher Peacock kitchen, custom hardware, marble, wood floors, custom millwork and high-end fixtures.

Who buys a $13 million home?

Even given the built-in space and luxury, not everyone jumps into a lake home with both feet. Such real estate tends to draw from a particular market, Gallagher said. And, in this case, it means someone who wants to move in right away.

For lake homes, buyers know that they could expect to pay at least $3 million for the lot, then build a structure costing $700 to $1,100 per square foot. But that process takes several years. Instead, wealthy buyers are willing to pay eight-figure prices — Gallagher sold one on Pine Lake valued at $15 million and has seen some sell for more than $20 million.

"The market is for someone who says, 'I want the best, it's here and it's now. I can skip having to find my own lake property. I can skip the managing of a construction process, and we can have it now instead of in two or three years,'" Gallagher said. "They're out there, but it's a small pool of the population. ... I think this is going to appeal to that very small group, but I'm confident that somebody is going to love this and think it's a very reasonable price and take it."

Contact reporter Jim Riccioli at james.riccioli@jrn.com.

This article originally appeared on Milwaukee Journal Sentinel: Former Pabst home on Oconomowoc Lake goes on market for $13 million