Boeing's former CEO who oversaw the ill-fated 737 Max plane is reportedly selling his Chicago-area estate at a $3 million loss (BA)

By: Business Insider

February 05, 2020 at 14:27 PM EST

VHT Studios

Former Boeing CEO James McNerney has listed his Chicago-area mansion near Lake Michigan for nearly $4.7 million, according to reporting by Crain's.
McNerney, who retired from Boeing in 2015, oversaw development of the now-troubled 737 Max, which has since been grounded worldwide after two deadly crashes, as well as the 787 Dreamliner.
He is asking for much less than he paid for on the nearly 8,000-square-foot mansion.
Visit Business Insider's homepage for more stories.

Retired Boeing CEO James McNerney is selling his mansion.

McNerney and his wife listed their Lake Forest, Illinois mansion for $4.795 million, nearly $3 million less than they paid for the estate in 2006, according to Crain's. They paid $7.6 million for the mansion in 2006, which is located near Lake Michigan.

McNerney served as CEO of Boeing from 2005 to his retirement in 2015, where he approved and oversaw the "frenetic" development of the 737 Max, according to the New York Times.

The plane, which has since been grounded worldwide, was involved in two crashes that killed 346 people. The issues with the model have since been traced back to a questionable development cycle that prioritized profit over safety, sound engineering, and adequate pilot training.

The 737 Max has been bad news for Boeing ever since. In 2019, the company reported an annual loss of $636 million, its first full-year loss in more than 20 years. McNeary also oversaw the development of the 787 Dreamliner in his tenure.

Now, McNerney is looking to rid himself of this nearly 8,000-square-foot mansion, even at a loss. The house located at 1291 Elm Tree Road is listed with Andra O'Neill at @Properties.

Take a look inside.

The mansion sits at the end of a long driveway.VHT Studios

Large French doors open into the home.VHT Studios

The house is marked by large rooms and ornate furniture.VHT Studios

This living space has one of several fireplaces throughout the house.VHT Studios

Powder blue walls and built-ins feel like they're from another era.VHT Studios

See the rest of the story at Business Insider