UW-Milwaukee sells former chancellor’s Lake Drive house for $1 million

The former home of the University of Wisconsin-Milwaukee chancellor recently sold for $1 million, according to state property records.

UWM announced its intent to sell the 3435 N. Lake Drive home earlier this year. Chancellor Mark Mone called it “a smart financial move” and part of a broader university downsizing to save money.

Records show the buyers are Mark and Wanda Staples, who previously owned a different east side property. Mark Staples said they wanted more space but also hoped to stay on the east side. They also sought a home with wood accents, crown molding and built-in cabinets, which he said many other homes lack.

“Once we looked inside the proepty, we kind of fell in love,” he said.

Across the street from homes with Lake Michigan frontage, the nearly half-acre property was initially listed for nearly $1.3 million. The assessed value was $961,800.

The stone Tudor mansion has six bedrooms, four baths and close to 5,000 square feet. It was built in 1926, according to the Wisconsin Historical Society. The listing states the home was designed by architect Charles Valentine.

The Milwaukee Business Journal first reported on the purchase, which went through Oct. 11. The deed was published Thursday.

UW-Milwaukee’s private foundation bought the property in 2012 for $955,000, using donor money and proceeds from the sale of a former official chancellor residence in Shorewood. The property’s assessed value had been $961,800 since 2018, according to city assessment records.

Mone purchased and moved to a new place just blocks away from UWM last December. He receives a $2,710 monthly housing allowance, as do 11 other UW chancellors. The UW-Madison chancellor is the only one left who is provided a home as part of the job.

Mone is stepping down as chancellor at the end of this school year. He will continue at UWM as a faculty member.

Journal Sentinel reporter Tom Daykin contributed to this story.

Contact Kelly Meyerhofer at [email protected] or 414-223-5168. Follow her on X (Twitter) at @KellyMeyerhofer.

This article originally appeared on Milwaukee Journal Sentinel: UW-Milwaukee sells former chancellor’s Lake Drive house for $1 million