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The Ivanhoe Castle in Lakeview has played many roles over the years, including, in its first life in the 1920s, a speakeasy.

Binny’s Beverage Depot had shared the space with the Ivanhoe Theater for several years, but in 2000 Binny’s bought the theater to take ownership of the entire building.

So now the Castle has come full circle–with the notable difference that alcohol is legal now.

The purchase allowed owner Michael Binstein to expand his store (one of 15 he owns in the Chicago area) to 40,000 square feet from 15,500 square feet. It stocks more than 50,000 bottles and an expanded gourmet foods section.

Perhaps the most intriguing area is “the catacombs,” an exposed-brick, medieval-style space in the basement that has been completely renovated. It’s where the speakeasy used to be, which is why Binstein has collected the Prohibition memorabilia that decorates the walls. (The space is open only to participants in Binny’s wine tastings, celebrity appearances and other events.)

The catacombs also includes a wine cellar that is temperature- and humidity-controlled. “We have a very extensive selection of older Bordeaux, California cabernet and Burgundies that require ideal storage conditions,” Binstein said.

But bargain hunters, fear not. Binny’s bargain bin is alive and well. “We have stuff under $4, and we have lots of wines over $4,000,” Binstein said. “We believe in serving every palate and pocketbook.”

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Binny’s Ivanhoe Castle, 3000 N. Clark St. Upcoming events in the catacombs: Joseph Phelps Insignia Vertical Tasting, 6-8:30 p.m. Thursday, $100; Martell Cognac seminar, 6-7:30 p.m. Friday, $5; and a Champagne tasting for charity, 5:30-8:30 p.m. May 31, $15. For reservations, call 773-935-9400.