The price of a suburban megamansion once listed for $25 million has continued to drop as it’s sat on the lagging luxury market.
The 30,000-square-foot-plus house in Burr Ridge is now at its lowest asking price yet: $5 million, after the price was cut by $1 million last week, the Tribune reported.
It was initially listed for $25 million when then-owner Husam Aldairi put it on the market, and later reduced to $13 million. As it sat empty, a pipe burst and caused extensive flooding, eventually forcing it into foreclosure and a sheriff’s sale, where it went for $3.1 million in late 2012. The latest owner, Arvin Lourdenadin, who bought the house in the sheriff’s sale, fixed it up and relisted it for nearly $11 million in 2016.
Lourdenadin dropped the price to $7 million in November 2018 and $6 million in July.
Listing agent Lisa Petrik of Jameson Sotheby’s International Realty told the Tribune that an offer was made within five minutes of posting the lower $5 million asking price, but it’s unclear whether that offer will ultimately be accepted.
[Crain’s] — Brianna Kelly