As part of multiple cost-cutting measures and real estate divestitures, the University of Wisconsin-Milwaukee intends to sell its chancellor’s residence at 3435 N. Lake Drive in Milwaukee.
The university said Thursday it will seek permission from the Universities of Wisconsin Board of Regents to sell the home. If approved, it will publicly list the property for sale in the coming months.
UWM chancellor Mark Mone in December 2023 moved into another nearby home, according to the announcement. Public records show Mone purchased a home one block closer to the campus in mid-November. He paid $1.13 million.
“Selling the chancellor’s residence is the smart financial move for our university,” Mone said in a statement.
The UWM Real Estate Foundation purchased the chancellor's residence for $955,000 in 2012. The current value is estimated to be $1,402,600, according to Zillow.
Built in 1926, the 4,818-square-foot home has six bedrooms and four bathrooms. It's in the Downer Woods neighborhood just east of the UWM campus.
Other properties that UWM has divested in recent years have included the former UWM Alumni House, which it sold for $1.8 million to Milwaukee businessman Andy Nunemaker in 2021.
Last year, UWM demolished its Northwest Quad Building A and permanently closed its Purin residence hall. It plans to demolish its old chemistry building, which previously was slated to be renovated for other purposes, according to UWM.