A 9,280-square-foot penthouse in Chicago’s Streeterville neighborhood that’s been featured on the TV shows “Empire” and “Chicago P.D.” is heading to auction after spending seven years on the market without a sale.
The two-story penthouse includes a basketball court, lake views and three 500-gallon fish tanks. The minimum bid at the auction is $2.5 million, though it’s unclear how much the penthouse is worth or what price it will fetch.
“The seller has no debt on this, and he’s ready to make a deal and sell it,” Rick Levin, whose Chicago auction firm, Rick Levin & Associates, is handling the April 26 auction, told Crain’s Chicago.
The sellers are Cal Fishkin, a co-founder of Chicago trading firm Hard Eight Futures, and his wife, Courtney Fishkin, according to public records.
Located on North Water Street, the property first came on the market seven years ago, in 2015. Originally priced at $12.9 million, various price cuts totalling $7 million brought it down to $5.9 million last November.
“I don’t think anybody knows what this property is worth—not the seller, not an appraiser, not me,” Levin said to Crain’s. “That’s why it goes to auction: to see what the market says it’s worth.”
Levin said the suggested minimum of $2.5 million isn’t a reserve, meaning the seller wouldn’t part with the property for less.
“If somebody makes a solid, all-cash offer, he’ll look at it. He’s not doing this to test the waters; he’s going to sell it,” Levin said.
The three-bedroom, four-bath property includes many extravagant details, including a curved marble staircase, a 60-foot terrace, a 16-person hot tub, over $1 million worth of imported stone and an indoor racquetball court.
Fishkin purchased the unfinished space in 2008. He paid about $5.8 million and then spent another $8 million to finish the space, with a total investment of $14 million, according to Levin.
[Crain’s Chicago] — Miranda Davis
Read more
Residential
Chicago
Chicago anti-gentrification alderman lists home for $2.4M
Residential
Chicago
Trump Tower penthouse sale may signal Chicago luxury condo market’s peak