A suburban mansion that once sought $25 million is seeking a fraction of that price.
The Moorish-style mansion at 6501 South County Line Road in Burr Ridge has undergone yet another price chop, with its owners now willing to take a loss on the massive property, according to Crain’s.
The three-story, eight-bedroom home with a 22-car garage and an elevator was built in the early 2000’s by local dentist Husam Aldairi, who then tried to sell the home for $25 million. Aldairi eventually lost the home in foreclosure, Crain’s reports.
The home was bought out of bankruptcy in 2012, when a group of investors including Arvin Lourdenadin paid $3.1 million. The investors poured more than $3 million into the home.
The group listed the home at $11 million from 2016 until August, according to Crain’s. It was relisted in November at $7 million, which would have allowed the investors to break even on the deal.
Now the home is seeking $6 million in the hope a buyer can be found this year, listing agent Lisa Petrik of Jameson Sotheby’s International Realty told Crain’s.
The Burr Ridge mansion isn’t the only luxury home struggling in the current housing market, which has seen sales drop precipitously this year. Despite a record year for the luxury market in 2018, suburban mansions have been left to linger as wealthy buyers increasingly favor luxury Downtown condos. [Crain’s] – Joe Ward