A palatial eight-bedroom mansion with a 22-car garage hit the market in west-suburban Burr Ridge for $7 million, nearly a decade after its first owner asked $25 million for the property.
A group of investors including Arvin Lourdenadin bought the Moorish-style home, previously marketed as Villa Taj and then Palace Royale, for $3.1 million in 2012, according to Crain’s. The partners purchased the property from a bank, which had foreclosed on the original owner.
The group had listed the home for just under $11 million between January 2016 and this August. They then hired Lisa Petrik of Jameson Sotheby’s International Realty, who brought it back to market with a $4 million price chop.
Dentist Husam Aldairi built the mansion in 2009 but never moved in, telling reporters his wife didn’t like it. It has 31,000 square feet of interior space and another 15,000 square feet of covered wrap-around terraces, with a 900-square-foot living room.
Luxury home sales have been lagging in Chicago and its suburbs, pushing brokers to recommend renovations or major price chops. Some estates, like Michael Jordan’s Highland Park mansion, have lingered on the market for years at a time. [Crain’s] — Alex Nitkin