CHICAGO, IL — The idea of selling a house in Chicago — or even one of the surrounding suburbs — for $20 million or more has been the equivalent of ending a single Major League Baseball season with a .400 batting average or scoring 100 points in an NBA game: It’s an achievement that’s possible, but it’s so difficult to do that it’s almost become unthinkable.
A Lincoln Park mansion that went on the market Thursday, however, not only wants to break the $20 million barrier, but the asking price wants to stomp on the pieces of that broken barrier, burn those stompings and spread the ashes along North Avenue Beach.
The opulent, 25,000-square-foot residence at 1932 N. Burling St. is listed for $50 million, making it the largest asking price ever for a residential property in the Chicago area, according to the Chicago Tribune’s Elite Street
And if this residence — it’s owned by United Automobile Insurance Co. Chairman and CEO Richard Parrillo and his wife, Michaela — does sell for anywhere close to $50 million, it will earn the distinction of being the largest Chicago home sale ever, no matter what the category of residence, the Tribune reports.
Among single-family homes, the highest sale was J.B. Pritzker’s Gold Coast mansion for $14.5 million in 2006. For all residences, it was the $18.75 million sale of a Park Tower penthouse condo in 2015. In the suburbs, the Glencoe mansion of Eric Lefkofsky, Groupon’s co-founder, was sold for $19.5 million in 2014.
The asking price for the home, however, is more than a little higher than the mansion’s assessment, the Tribune reports. The Cook County assessor’s office puts the residence’s price tag at slightly less than $14 million, the report added.
So what does $50 million get you in the current market? The six-bedroom home sits on eight city lots that are dotted with multiple fountains, a reflecting pool and a hand-forged, antique garden pavilion. Walking through the front door, visitors are welcomed by a cavernous entry and a lavish spiral staircase.
The Parrillos spent $65 million in 2008 to build this mansion, according to the Tribune, and it comes through, looking at the lush woodworking of the library or expansive wet bar area. Attention to detail also is seen in the fine molding throughout some of the rooms.
The three-story house comes with its share of amenities, too. It has an attached, three-car, heated garage, an elevator and skylights to name a few.
And in case you’re wondering, the Parrillos are selling their mansion in an attempt to downsize as the couple spends more time at their house in Florida, the Tribune reports.