Once the most expensive house in Chicago, this property sold for a price that falls far short of its former title. The $65 million estate at 1932 N. Burling St. in Lincoln Park sold for a mere $15 million this week after being listed for over eight years. That’s a staggering $50 million loss for sellers Richard Parrillo and his wife, represented by Salm and Matt Leutheuser of Jameson Sotheby’s International Realty.
The chairman of United Automobile Insurance Company and his wife had created a lavish sanctuary by first acquiring the land for $12.5 million in 2005. Adjusted for inflation, the land alone is now worth $20 million, meaning the buyer, represented by Jennifer Ames of Engel & Völkers, paid less than the land’s current value. It’s a steal for the extravagant 25,000-square-foot home, featuring six bedrooms and eleven bathrooms.
Seven years ago, the Parrillos asked a reasonable $50 million, but a lack of buyers eventually wore their patience thin. Their steep loss turned into an incredible gain for the new owner, who acquired a mansion designed by architect Thomas Beeby, known for its intricate French classical architecture.
The massive 1,000-pound bronze entrance doors open to reveal opulent finishes, a meticulously designed wine-tasting room with a ceiling inspired by the Great Stable of Versailles, and elegant 18th-century light fixtures, per TheRealDeal.
Despite these tasteful additions and high-end features, the mansion had no choice but to succumb to the challenges of the ultra-luxury real estate market in Chicago. What might seem like a disappointing sale was, in fact, the highest home price in the Chicago area so far in 2024—and the year’s only sale over $10 million.
