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They may have splurged $4 billion on the NBA’s Suns and WNBA’s Mercury, but business mogul brothers Mat and Justin Ishbia have more than enough left in the bank for some record-breaking real estate deals.
Justin, the older brother who has taken a backseat to Mat in the Suns ownership hierarchy, will soon own the most expensive home in Illinois history. The hedge fund chief is on track to spend $77 million on the estate, which was assembled by combining three other parcels along the Lake Michigan shore at a cost of $33.7 million, according to Patch.com.
The building plans, which are awaiting approval from Winnetka town hall, call for a 68,000 square feet of living space, as well as an indoor and an 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 chairman of United Wholesale Mortgage, is currently constructing a 60,000-square foot mansion in Bloomfield Township, Michigan that will become the state’s largest occupied house, 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 is comprised of three plots that he bought for $33.7 million
Mat Isbia is currently constructing a 60,000-square foot mansion in Bloomfield Township, MI
The 14-acre plot has been pieced together from other properties that Mat has purchased in recent years. In fact, Mat is razing five other homes as part of the project, including his own 22,000-foot mansion – an eight-year-old, award-winning home that has been featured in a number of magazines.
The only larger home in Michigan is the unoccupied 85,000-square-foot Meadow Brook Hall, which belongs to Oakland University, and as one neighbor told Freep.com, Mat is also ‘building an amusement park.’
Mat’s architects and attorneys have reportedly asked the town for permission to build a go-kart track, go-kart garage, a lighted observation platform, a basketball court, a trampoline park, climbing walls, a treehouse, and an 18-foot-high ‘conservatory and studio building.’
Mat’s 18,000-square foot mansion is one of five homes that will be razed for his new one
Previously, Bloomfield Township approved other amenities, including a serpentine swimming pool, lazy river, batting cages, and an 81-foot-long cabana.
Spokespeople for Mat did not respond to Freep.com’s request for comment.
Mat has made a name for himself in real estate circles by turning UWM – a company his father Jeff started in 1986 – into the country’s largest mortgage lender.
Then, by merging with a publicly traded shell company, or SPAC, had an IP at a $16 billion valuation.
Mat’s 70-percent stake of the company in 2021 was worth $12.6 billion, according to Forbes. Justin’s stake, meanwhile, was valued at $4 billion. He’s also an ex-Michigan State walk-on, who won an NCAA title with the Spartans in 2000 before becoming president and CEO of UWM.
Mat’s 14-acre plot will include a go-kart track and a basketball court for the ex-Spartans guard
Ishbia (left) was a walk-on 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 their purchase of the Suns and Mercury from embattled former owner Robert Sarver.
The sale was expected following Sarver’s ongoing one-year, NBA-imposed suspension over allegations of racism.
He was also fined $10million by the league. Sarver announced his plan to sell the club and the WNBA’s Mercury shortly after the NBA probe found he had used the N-word around employees, bullied workers, and committed several other misogynistic acts.
Mat was reportedly instrumental in the Suns’ mid-season acquisition of Kevin Durant from the Brooklyn Nets, and has since acquired All-Star guard Bradley Beal to the fold, raising expectations for the Suns in 2023-24.
