Price drops for 240 acres near Port Washington once eyed for subdivision

A 240-acre, bank-owned property in Port Washington that includes 1.5 miles of lakefront real estate on Lake Michigan is still on the market — and at a much lower price than previously marketed.

Priced at $15.9 million, the property, mostly farmland, sits along Highway C and is approximately one mile south of downtown Port Washington in Ozaukee County, said Keith Van De Laarschot, a commercial banker with Waukesha State Bank, which owns the property.

The property has been on the market for…