The most expensive home sale in Chicago this year was a bitter loss for the seller after keeping the house on the market for years.
The property at 1932 North Burlington Street in Lincoln Park was sold to an unknown buyer for $15.25 million, or $610 per square foot, Crain’s reported.
Jennifer Ames of Engel & Volkers represented the buyers, who are locals and intend to live in the home. The seller was represented by Salm and Matt Leutheuser of Jameson Sotheby’s International Realty.
The 25,000-square-foot home, built in 2010 by Richard Parrillo, chairman and CEO of United Automobile Insurance Company, and his wife Michaela, sold for 30 percent of its original asking price and about 65 percent of its final list price. They spent about $65 million to acquire the land and build the home, the outlet reported.
The Parrillos bought the land in 2005 for $12.5 million, equivalent to $20 million today, meaning the buyer paid less than the estimated property value.
The Parrillos listed the six-bedroom, 11-bathroom property in December 2016 for $50 million, or $2,000 per square foot, making it one of the most expensive homes ever offered in Chicago. Over the years, however, the price has been reduced several times as the mansion struggled to find a buyer in an increasingly competitive market.
By July of this year, the asking price had been reduced to $23.5 million, or $940 per square foot.
Designed by architect Thomas Beeby, the mansion features delicate, classic French architecture and opulent appointments, including 1,000-pound bronze entrance doors, a wine-tasting room with a ceiling inspired by the Great Stable of Versailles, and 18th-century light fixtures.
Despite these luxury features, the sale of the mansion highlights the challenges of Chicago’s ultra-luxury real estate market, where even the most exceptional properties can remain unsold for years and eventually sell for a fraction of their asking price.
This sale is the only Chicago-area home to surpass the $10 million mark so far this year, underscoring subdued activity at the top end of the market.
— Andrew Terrell
Read more
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