The former home of the University of Wisconsin-Milwaukee chancellor has been sold for $1 million, according to state records.
UWM announced its plans to sell the 3435 N. Lake Drive home earlier this year, calling it “a smart financial move” and part of a broader university downsizing to save money.
The 4,818-square-foot, six-bedroom home, built in 1926, was sold to a couple moving from another East Side property, state records show.
The nearly half-acre property was initially listed for nearly $1.3 million. The assessed value was $961,800, according to Milwaukee County records.
The residence was purchased in 2012 by the UWM Real Estate Foundation for $955,000 and then transferred to UWM. UWM Chancellor Mark Mone no longer lives in the residence. In December 2023, he purchased and moved to a home just blocks away from UWM.
Over the last several years, UWM has worked to divest itself of other properties to help streamline space and reduce costs.
In 2021, UWM sold its former Alumni House to Milwaukee businessman Andy Nunemaker. In 2023, it demolished Northwest Quad Building A and permanently closed the Purin residence hall, which it has listed for sale. The university also plans to demolish its old Chemistry Building, which had previously been slated for renovations for other purposes.
