Chicago’s priciest home listing pulled from market after 2 years

Insurance executive Richard Parillo had been asking $50M for the Lincoln Park mansion

(Credit: Sotheby's)
(Credit: Sotheby's)

Chicago has a new most expensive home listing after a Lincoln Park mansion seeking $50 million was pulled from the market.

The home of United Automobile Insurance Company CEO Richard Parillo and his wife, Michaela, was taken off the market Nov. 17 after being listed since December 2016, according to the Chicago Tribune.

The couple built the home 10 years ago after paying $12.5 million in 2005 for the eight city lots it sits on. Including land costs, the couple spent $65 million to build the mansion, representatives said previously.

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The house is marketed as 25,000 square feet, but the Cook County Assessor’s office reports it as being 15,500 square feet. It’s assessor-estimated market value is $19.4 million.

With the Lincoln Park mansion being delisted, Chicago’s most expensive home listing now is a 130-year-old Gold Coast mansion seeking $22 million. The home, owned by Pete’s Fresh Market owner Jimmy Dremonas, was bought for $3.1 million and underwent a $7 million renovation.

The second priciest home listing is a few homes down from the Parillo mansion, where an 8,000-square-foot mansion at 1950 North Burling is asking $13 million.

Environs Development has plans to build a spec home in Lincoln Park with an asking price of $15 million, which if built would make it the second-most expensive listing in the city. [Chicago Tribune]Joe Ward