The six-bedroom Lincoln Park Mansion, which was once listed at $50 million (the highest ever asking price in the Chicago area), saw its asking price drop from $45 million to just under $30 million on Wednesday.
A $15 million markdown, equivalent to a 33% markdown, is certainly the largest single markdown in the history of the Chicago area.
The eight-slot mansion on North Burling Street is owned by United Automobile Insurance Co. Chairman and CEO Richard Parrillo and his wife Michaela. They built the mansion over a decade ago after paying his $12.5 million to purchase the site from the Child Welfare Association in 2005.
Even at $30 million, Palliros’ new asking price is well above what Cook County valuers believe the mansion is worth. An appraisal firm values the mansion at her $16.2 million.
A former Parry Ross listing agent told Elite Street in 2016 that the asking price was so high because it cost the couple $65 million, including the cost of the land, to build the mansion. The couple first listed the mansion for $50 million in December 2016, took it off the market in 2018, and then relisted it for $45 million in early 2019.
Palillo is now aggressive with its asking price.
The size of the limestone mansion is an open question. According to the listing information, the mansion is 25,000 square feet, and the Cook County Appraiser measures the mansion at 15,533 square feet. Nonetheless, the mansion has 11 bathrooms, a foyer inlaid with precision-cut marble from the French Pyrenees, a custom bronze entrance door, Italian stucco ceilings and reliefs, and custom woodwork. , 18th century light fixtures, game room, media room, project room, sitting room, two guest bedroom suites, upstairs living room, library, music room, kitchen with custom cabinetry and professional appliances , a 2,000-square-foot wraparound terrace outdoor kitchen.
The mansion’s third floor houses a primary bedroom suite with a hand-carved English marble fireplace and custom dressing room, while the lower level houses a tasting suite with a 5,000-bottle wine cellar and 14-foot ceilings .
Outside the property are gated motor courts, pavilions, handcrafted pavilions, decorative fountains and reflecting pools. The mansion also comes with a 3 car garage.
“The owner has moved out of state and is proceeding with the sale at a significantly improved price,” Tim Salm, a listing agent for Jameson Sotheby’s, told Elite Street. “The size and quality of both the land and home are outstanding and offer the next owner an opportunity for well below reacquisition value.”
Salm lists this mansion with R. Matt Leutheuser.
The mansion was charged $326,275 in property taxes for the 2021 tax year.
Bob Goldsborough is a freelance reporter.
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