They may have splurged $4 billion on the NBA Suns and WNBA Mercury, but business tycoon brothers Mat and Justin Ishbia have more than enough in the bank for some record-breaking real estate deals.
Justin, the older brother who took a backseat to Mat in the Suns’ ownership pecking order, will soon own the most expensive home in Illinois history. The hedge fund boss is on track to spend $77 million on the property, which was brought together by combining three other parcels along the shoreline of Lake Michigan at a cost of $33.7 million, according to patch.com.
The construction plans, which are awaiting approval from the Winnetka City Council, call for 68,000 square feet of living space, as well as one indoor and one outdoor pool.
Justin and his wife, Kristen, also own a $12.5 million mansion on Chicago’s North Side, a $5.57 million downtown condo and a $36 million mansion in Naples, Florida, according to Elite Street.
Not to be outdone, Mat, the 43-year-old CEO and president of United Wholesale Mortgage, is currently building a 60,000-square-foot mansion in Bloomfield Township, Michigan, which will become the largest occupied home in the state, according to freep.com.
Suns owners Justin and Mat Ishbia look on during an NBA game against the LA Clippers
Justin Ishbia’s new property consists of three pieces of land that he bought for $33.7 million
Mat Isbia is currently building a 60,000 square foot mansion in Bloomfield Township, MI
The 14-acre parcel has been pieced together from other properties Mat has purchased in recent years. In fact, Mat is demolishing five other houses as part of the project, including his own 22,000-foot mansion, an eight-year-old award-winning home that has been featured in various magazines.
The single biggest house in Michigan is the vacant 85,000-square-foot Meadow Brook Hall, which belongs to Oakland University, and as a neighbor told Freep.com, Mat is also “building an amusement park.”
Mat’s architects and lawyers reportedly asked the city for permission to build a go-kart track, a go-kart garage, a lighted observation deck, a basketball court, a trampoline park, rock-climbing walls, a tree house and an 18 foot tall building. ‘conservatory and studio building.’
Mat’s 18,000-square-foot mansion is one of five homes to be demolished for the new
Previously, Bloomfield Township approved other amenities, including a meandering pool, lazy river, batting cages and an 81-foot-long cabana.
Spokesmen for Mat did not respond to Freep.com’s request for comment.
Mat has made a name for himself in real estate circles by building UWM, a company his father, Jeff, founded in 1986, into the nation’s largest mortgage lender.
Then, by merging with a publicly traded shell company, or SPAC, it obtained intellectual property with a valuation of $16 billion.
Mat’s 70 percent stake in the company in 2021 was worth $12.6 billion, according to Forbes. Meanwhile, Justin’s stake was valued at $4 billion. He is also a former Michigan State player, who won an NCAA title with the Spartans in 2000 before becoming president and CEO of UWM.
Mat’s 14-acre parcel will include a go-kart track and basketball court for the former Spartans guard.
Ishbia (left) was a rookie at Michigan State where he won a title with Mateen Cleaves (right)
Mat (left) was reportedly instrumental in acquiring Kevin Durant (center) from the Nets
Last December, the Ishbias finalized the purchase of the Suns and Mercury from embattled former owner Robert Sarver.
The sale was expected following a year-long suspension imposed by the NBA on Sarver over allegations of racism.
He was also fined $10 million by the league. Sarver announced his plan to sell the club and the WNBA Mercury shortly after an NBA investigation found he had used the N-word around employees, intimidated workers and committed various other misogynistic acts.
Mat was reportedly instrumental in the Suns’ midseason acquisition of Kevin Durant from the Brooklyn Nets, and has since acquired All-Star guard Bradley Beal, raising expectations for the Suns in 2023-24. .