A massive Lincoln Park estate, originally listed for $50 million, has taken a steep price cut to 60 percent of its original asking.
The owners of the home at 1932 North Burling Street are now asking $29.9 million for the 25,000-square-foot mansion that sits on eight city lots, Crain’s reported. The more than $20 million price chop is one of the largest ever reductions on a Chicago-area listing.
Richard and Michaela Parrillo initially listed the home for sale in December 2016 and, without any bites, lowered the asking to $45 million in February 2019.
According to Tim Salm with Jameson Sotheby’s International Realty, who is listing the property alongside Matt Leutheuser, the couple is moving to Florida to live there full time, much like Illinois’ former wealthiest resident, Ken Griffin, who moved his family and company down to Miami last year after complaining about crime in Chicago.
The Parrillos bought the Burling Street land in 2016 for $65 million. Richard, founder and CEO of Florida-based United Auto Insurance, said the project wasn’t supposed to be so grand, but it was a “labor of love” for his wife, so its cost increased over time.
The stone home has arched windows, ornate plaster and wood finishes, as well as sculptures along an outdoor reflecting pond. Designed to emulate a traditional palace, the home has 1,000-pound bronze entry doors, a marble-floor foyer, gold and bronze winding staircase and multiple 18th century light fixtures.
Other features of the home include spa-like bathrooms, a speakeasy bar area and a 5,000-bottle wine cellar and tasting room modeled after a building at Versailles.
Salm said the new asking price, which is 60 percent lower than the original, shows that the Parrillos are “responding to market conditions,” and pricing the home to sell.
Still, the home is the most expensive residential property listed in Chicago.
— Victoria Pruitt
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