The most-expensive home sale in Chicago this year came at a steep loss to the seller after spending years on the market.
The estate, at 1932 North Burling Street in Lincoln Park, sold to an undisclosed buyer for $15.25 million, or $610 per square foot, Crain’s reported.
Engel & Volkers’ Jennifer Ames represented the buyers, who are locals and plan to live in the house. The seller was represented by Jameson Sotheby’s International Realty’s Salm and Matt Leutheuser.
The 25,000-square-foot home, built in 2010 by United Automobile Insurance Company Chairman and CEO Richard Parrillo and his wife, Michaela, traded for 30 percent of its initial asking price and roughly 65 percent of its last listing price. They spent about $65 million acquiring the land and building the house, the outlet reported.
The Parrillos bought the land for $12.5 million in 2005, which is $20 million in today’s dollars, meaning the buyer paid less than the calculated land value.
The Parrillos listed the six-bed, 11-bath estate in December 2016 for $50 million, or $2,000 per square foot, making it one of the most expensive residential properties ever listed in Chicago. Over the years, however, the price was reduced multiple times as the mansion struggled to find a buyer in a market that had become increasingly competitive.
By July of this year, the asking price had been reduced to $23.5 million, or $940 per square foot.
Designed by architect Thomas Beeby, the mansion boasts intricate, French classical architecture and opulent finishes, including 1,000-pound bronze entrance doors, a wine-tasting room with a ceiling inspired by the Great Stable of Versailles, and light fixtures dating back to the 18th century.
Despite these high-end features, the mansion’s sale highlights the challenges of the ultra-luxury real estate market in Chicago, where even the most extraordinary properties can linger for years and ultimately sell for a fraction of their asking prices.
The sale marks the only Chicago-area home to surpass the $10 million mark so far this year, underscoring subdued activity at the very top of the market.
— Andrew Terrell
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