Market Watch: Lincoln Park couple takes $50M mansion off market
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is on a high-end Lincoln Park mansion with a $50 million price tag that was recently taken off the market.
The home: 1932 N. Burling St. in Chicago's Lincoln Park
It has six bedrooms, seven full and four partial baths, attached three-car garage, reflecting pool, garden pavilion and multiple fountains on a 0.61-acre lot.
The sellers: Richard Parrillo, chairman and CEO of United Automobile Insurance Co. (UAIC), and his wife, Michaela, who built the mansion eight years ago.
UAIC is a subsidiary of United Automobile Holdings LLC, which was founded in 1989 in Miami Gardens, Florida. The company is family-owned.
The Lincoln Park estate has been on the market since 2016.
Listing pulled: The owners removed the mansion from the market on Nov. 17. It had been listed with Jameson Sotheby's International Realty with an asking price of $50 million.
The couple reportedly purchased the site where the mansion was built in 2005 for $12.5 million. They paid $65 million to build the 25,000-square-foot estate, according to media reports.
The mansion was originally priced at $50 million when it was listed two years ago, but Zillow.com puts the residence's value at $19,252,381.
The property taxes: The Parrillos paid $1,646,046 in property taxes from 2009 to 2016, according to Zillow.com
Their bill last year was $279,998, which is less than 1 percent of the $50 million price tag the couple had been seeking.