Bannockburn is a village in West Deerfield and Vernon townships of Lake County, Illinois, United States. The population was 1,429 at the 2000 census. Part of the Chicago area's affluent North Shore region, Bannockburn has very high real-estate values; the average value for a home in Bannockburn in 2005 was $1,279,700.
Bannockburn was founded by Scottish real estate developer William Aitken, who planned a community of "country estates" on 110 acres (0.45 km2) in inland Lake County. Named for the Scottish village of Bannockburn, the village began construction in 1924 and was incorporated as a village in 1929. Aitken designed his development for the affluent members of his bridge and country club. His plan for Bannockburn featured large lots to imitate country living, and this design has been preserved; in fact, the original 1-acre (4,000 m2) minimum on home lots has been increased to two.
Gradually, Bannockburn expanded its boundaries to its current 1,318 acres (5.33 km2). The Tri-State Tollway was built through the village in the 1950s, encouraging growth, though traffic noise pollution has been a persistent local concern. In the late 1960s Bannockburn's citizens, after some debate, approved the construction of the first of several business parks along the village's northern edge. It created its first commercial zone in 1984 along Illinois Route 22. Bannockburn's municipal services expanded slowly in an effort to limit taxes, but it established a police department in the 1970s and built a village hall in 1992.