Chicago
Chicago’s most expensive listing chops $20M from price
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Chicago’s priciest listing shaves another $2M off ask
Lincoln Park mansion has come down by nearly 50% since sellers first sought $50M in 2016
Tim Salm with Jameson Sotheby’s and 1932 North Burling Street in Chicago (Google Maps, Jameson Sotheby’s)
Chicago’s most expensive listing just got a little cheaper.
The Lincoln Park mansion at 1932 North Burling Street shaved $2 million off of its asking price this week, bringing the 25,000-square-foot home’s listing down to $27.9 million.
The home was originally listed for $50 million in 2016. It was then cut to $45 million in 2019 and then cut again — to 60 percent of its original asking price — to $30 million in January this year.
Owners Richard and Michaela Parrillo are moving to Florida to live there full-time. Tim Salm and Matt Leutheuser with Jameson Sotheby’s International Realty are listing the property. They did not respond to a request for comment.
This week’s price cut, while only representing 7 percent of the home’s most recent listing price, marks a steep departure from the years the home sat on the market without downward adjustments.
The Parrillos bought the eight city lots on Burling Street in 2016. Richard, founder and CEO of Florida-based United Auto Insurance, said the project wasn’t supposed to be so grand, but it was a “labor of love” for his wife, so its cost increased over time. The total cost of the project was $65 million.
The stone home has arched windows, ornate plaster and wood finishes, as well as sculptures along an outdoor reflecting pond. Designed to emulate a traditional palace, the home has 1,000-pound bronze entry doors, a marble-floor foyer, gold and bronze winding staircase and multiple 18th century light fixtures.
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Chicago’s most expensive listing chops $20M from price
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The six-bedroom home also has a speakeasy bar area and a 5,000-bottle wine cellar and tasting room modeled after a building at Versailles.
Despite the price cut, the home is still the highest priced listing on the market, with few other listings coming close. Those include a $22 million listing in Lake Bluff that was designed by David Adler and a $15.7 million home in the Gold Coast.