Lake Zurich village officials have called a special meeting for 7:30 p.m. Thursday at Village Hall to discuss the fate of lakefront property that was slated to become a public park, but was purchased last week by a local real estate broker.
Lake Zurich officials said Wednesday that John Rackow paid $850,000 last Thursday for Breezewald Park, a 5.5-acre tract on Old Rand Road that the village had tried to acquire for a park.
Village President Deborah A. Vasels said Wednesday the municipality was exploring options that might head off the sale.
The sale actually involved three parties: The original owners of Breezewald Park, the Charles Patten family of Palatine; John O’Boyle, who had an option to buy the land from the Pattens, and Rackow, former real estate agent for the Pattens.
Village administrator John Dixon said O’Boyle exercised his option to buy the land for $620,000 from the Pattens. Immediately afterward, O’Boyle sold the property to Rackow for $850,000, Dixon said.
The property had been listed for sale at $875,000, but Lake Zurich officials said an appraiser valued the land at $550,000.
The village submitted bids for $630,000 to O’Boyle, but was rejected, Vasels said.
