Nicholas Pritzker in 2005. (File, Tribune)

ELITE STREET | By Bob Goldsborough | Nicholas Pritzker, the chief executive and chairman of the Hyatt Development Corp. and a member of the Pritzker family, has placed his 7,325-square-foot contemporary-style mansion on 45 acres on Lake Michigan in Covert, Mich. on the market for $4.95 million.

Pritzker and his wife Susan, who also live on the Gold Coast, have been dividing their time between Chicago and California lately, which is why they listed their estate in southwest Michigan, said listing agent Karen Strohl of Prudential Rubloff.

“They really are orienting themselves toward California more, where they have another property,” Strohl said.

Built by Pritzker in 1992 and located about a two-hour drive from downtown Chicago, the four-bedroom wood mansion was designed by the architect Charles Fill.  Features include 4 1/2 baths, a library, a family/media room, an exercise room with a locker room, a rec room, a billiard room, two mechanical rooms, walnut floors and doors, and large windows, Strohl said.  The house has a 3,685-square-foot ground level, about 1,135 square feet of space above grade that contains the master suite and the family room/media room, and about 2,505 square feet below grade, she said.

“The house really takes advantage of big views of the lake with big windows,” Strohl said.

Outdoor features include 425 feet of private beach along Lake Michigan, a courtyard, an outdoor terrace with a fireplace and an in-ground whirlpool, she said.

“The area is very natural and heavily wooded with a lot of ravines, so the house was designed to fit very much into the landscape,” Strohl said.  “The house also is not on that high of a bluff, which makes the property more valuable, since it isn’t such a hike down to the beach.”

Linda Folk of Prudential Rubloff’s New Buffalo, Mich. office is the co-listing agent for the property.