(Bloomberg) -- Chicago’s most expensive home listing has found a buyer after years on the market and four price cuts.
The Lincoln Park property at 1932 N Burling St. is now pending sale, according to public listing sites including Zillow. Owners of the 25,000-square-foot home originally sought $50 million when it was first listed in 2016, but a series of reductions slashed the asking price by more than half to $23.5 million.
Even after the price cuts, the six-bedroom custom home is still the most expensive public listing in Chicago. The amenities include a 2,000-square-foot wraparound terrace and hand-carved marble fireplaces. There’s also a 5,000-bottle wine cellar and tasting suite with ceilings “modeled after the Great Stable of Versailles,” according to the listing.
It’s not yet clear who the buyers are or what price they agreed to pay. The home is owned by Richard Parrillo, chairman and chief executive officer of Florida-based United Automobile Insurance, and his wife, Michaela.
The property is listed by Matt Leutheuser and Tim Salm with Jameson Sotheby’s International Realty. They declined to comment on the house going under contract.
The couple completed the home, which was built on eight city lots, in 2010, according to the property’s listing. Salm estimated to Crain’s at the time that it cost an estimated $65 million to assemble the land and build the property.
The listing had languished on the Chicago market, where the top end of the luxury market sits considerably lower than in cities such as New York and Miami. The most expensive individual home sales in Chicago have hovered around $20 million in previous years.
Parrillo, who now lives in Florida, is a donor to University of Chicago Medicine. In 2022, he gave $5 million to establish the Richard P. Parrillo Family Center for Clinical and Translational Cardiology at UChicago Medicine, the medical center said at the time.
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