The property first hit the market in February for $1.499 million and came back on the market in early August for $1.399 million.

Located on the north shore of Lake Michigan in Lake Forest, Illinois, the three-bedroom home was originally built in 1888 by architect Henry Ives Cobb. Known as The Ferry Hall Chapel, it served the "Maidens and Young Ladies" school, which was founded in 1869 and eventually merged with Lake Forest Academy.

Listing agent Suzanne Myers said, "Cobb is also known for designing the First Presbyterian Church of Lake Forest, the Newberry Library and the Chicago Athletic Association." After the Ferry Hall closed, the building was converted to a private residence in 1980.

Chicago architect Edward Noonan was instrumental in converting the building from a church to a residence. His influence is evident in the first and first floor master suites, office, and updated chef's kitchen.

The most recent owners purchased the home in 2010 and significantly remodeled it. New wood flooring, a direct vent gas fireplace, two water heaters, and cedar roof repairs are among the additions and upgrades.

A main floor laundry room and detached three-car garage round out the amenities.

Despite the updates, many of the original details - soaring ceilings and arched leaded-glass windows - keep the building's storied history alive.

The building is listed on the National Register of Historic Places for its architectural significance, Myers said.

While it is a stand-alone home, it is part of the Mayflower Park Condominium Association, which charges a $904 monthly housekeeping fee.

Buyers will have a unique piece of North Shore history and will undoubtedly enjoy its prime location.

Myers said, "This home is just one block from Lake Michigan."

The setting is very private with a scenic rose garden, bluestone patio with fountain and canyon views.