A six-bedroom Lincoln Park mansion that once was listed for $50 million — the Chicago area’s highest asking price ever — had its asking price reduced on Wednesday from $45 million to just under $30 million.
The $15 million price cut, which amounts to a 33% price reduction, surely is the largest single price reduction for any house in Chicago-area history.
Situated on fully eight city lots on North Burling Street, the mansion is owned by United Automobile Insurance Co. Chairman and CEO Richard Parrillo and his wife, Michaela. They built the mansion more than a decade ago after paying $12.5 million in 2005 to purchase the site from the Infant Welfare Society.
Even at $30 million, the Parrillos’ new asking price still far exceeds what the Cook County assessor believes the mansion is worth. The assessor’s office values the mansion at $16.2 million.
The Parrillos’ former listing agent told Elite Street in 2016 that the asking price was so high because the couple’s cost to build the mansion was $65 million, including land costs. The couple first listed the mansion in December 2016 for $50 million, and they took it off the market in 2018 before relisting it in early 2019 at $45 million.
Now, the Parrillos have gotten aggressive with their asking price.
The limestone mansion’s size remains an open question. Listing information states that the mansion is 25,000 square feet, while the Cook County assessor measures the mansion at 15,533 square feet. Regardless, the mansion has 11 bathrooms, an entryway with inlaid, precision-cut marble from the French Pyrenees, custom-designed bronze entry doors, Italian plaster ceiling work and reliefs, custom millwork, 18th-century light fixtures, a game room, a media room, a project room, a sitting room, two guest bedroom suites, a second-floor living room, a library, a music room, a kitchen with custom cabinetry and professional-grade appliances and a 2,000-square-foot wraparound terrace with an outdoor kitchen.
The mansion’s third level has the primary bedroom suite, which has a hand-carved English marble fireplace and a custom dressing room, while the lower level has a 5,000-bottle wine cellar and tasting suite with 14-foot ceilings.
Outside on the property are a gated motor court, an arbor, a hand-forged pavilion, decorative fountains and a reflection pool. The mansion also has an attached three-car garage.
“The owners are relocating out of state and have improved the price drastically to garner a sale,” listing agent Tim Salm of Jameson Sotheby’s told Elite Street. “The scale and quality of both the land and home are unsurpassed and offer an opportunity drastically below replacement value for the next owner.”
Salm is co-listing the mansion with R. Matt Leutheuser.
The mansion had a $326,275 property tax bill in the 2021 tax year.
Bob Goldsborough is a freelance reporter.
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