The Real Deal Chicago

Chicago’s most expensive listing returns to market at “markdown” to $45M

Lincoln Park mansion that was on listed for 2 years at $50M is still priciest in Chicago area
February 21, 2019 01:00PM

(Credit: Sotheby’s)

A Lincoln Park mansion that sat unsold for two years asking $50 million before being pulled off the market is being listed again, this time for $45 million.

The six-bedroom home on North Burling Street was by far the priciest residential listing in the Chicago area while it sat on the market, and is still more than twice as expensive as the second priciest listing, even at the reduced amount, according to the Chicago Tribune.

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. The couple built the home a decade 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. 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.

Jameson Sotheby’s International Realty’s Tim Salm has the listing.

The next most expensive listing is a 130-year-old Gold Coast mansion owned by Pete’s Fresh Market owner Jimmy Dremonas, who is seeking $22 million. A few homes down from the Parillo home, an 8,000-square-foot mansion at 1950 North Burling sold for $11.9 million last year. [Chicago Tribune]John O’Brien