A year after selling a Lincoln Park mansion for $35 million under asking, Richard and Michaela Parrillo downsized to a $6.5 million Gold Coast penthouse in July.
The couple bought the discounted 6,800-square-foot condo at 1300 North State Parkway for $956 per square foot. The two-story penthouse has five bedrooms and six bathrooms.
The buyers, United Automobile Insurance Company chairman and CEO Richard Parrillo and his wife made headlines when they set the record for the most expensive single-family home sale in Chicago with the sale of their Lincoln Park mansion for $15.25 million in August 2024. The home was initially listed for $50 million and sold at a steep loss.
The condo was sold under a land trust that obscures the sellers’ identities. But documents from 2016 list the previous owners as Christian Zann and Amy Everard. Zann, the chief investment officer at Sourcerock Group, was an asset manager for Balyasny in Chicago until 2019.
Timothy Salm of Jameson Sotheby’s International Realty represented the buyer in the deal, and he previously represented the Parrillos on the $15.25 million Lincoln Park deal. Rachel Krueger, also of Jameson Sotheby’s, represented the seller. Salm declined to comment, and Krueger did not immediately respond to requests for comment.
The condo last sold in August 2015 for $6.9 million. In October 2022, it went up for sale asking $8 million, about a 15 percent increase. But the home proved difficult to sell in the weaker downtown market. The listing was removed in August 2023 and put back up for sale in February 2024 with a $1 million price cut.
Then in June 2024, it was listed for rent at $30,000 a month, but the listing was removed a month later.
The condo is a significant downsize from the 25,000-square-foot estate in Lincoln Park the Parrillos sold last year. The couple spent $65 million acquiring the land and building the six-bedroom, 11-bathroom house, Crains previously reported.
The Lincoln Park mansion’s buyer was David Cocagne, CEO of Vermilion Development. Cocagne’s Vermilion is developing a 447-unit, 31-story apartment tower in Evanston, which would be the city’s tallest building.