Billionaire Mark Walter, CEO of Guggenheim Partners and co-owner of the Los Angeles Dodgers, recently sold his Lincoln Park mansion for a cool $4.2 million, the Chicago Tribune reported. The modern residence, which was never listed on the public market, is overshadowed by Walter's more palatial home—a 26,000-square-foot behemoth that he and his wife Kimbra currently occupy. The couple purchased their former mansion in 2003 for $3.92 million, but after moving into their grander abode, the previous property was deemed surplus to requirements.
Shifting gears to a trend of high-end luxury homes reshaping the Lincoln Park landscape, Walter is among the affluent figures contributing to a transformation marked by the construction of gigantic limestone mansions, as detailed by Chicago Magazine. This shift is so strong that one developer is already planning an $18 million mega-home on a smaller space on Orchard Street. Historically, affluent individuals are changing the urban streetscape with their sizable constructions.
In a related story of prime real estate, Richard and Michaela Parrillo's famous six-bedroom mansion, custom-built on eight city lots, stands as a beacon of opulence in the neighborhood. Created by architect Thomas Beeby and costing an estimated $65 million to build, it epitomizes the area's grandeur. Now listed for sale at $30 million—a third lower than the original asking price—this property is seeing one of the most significant price cuts in Chicago history, according to Chicago Magazine. The Parrillos, who have since changed residence to Florida, appear eager to sell.
Despite the ostentatiousness of such properties, real estate expert Richard Aronson from Berkshire Hathaway Chicago believes that $30 million might just be the magic number to attract a buyer for the Parrillo mansion. As quoted in Chicago Magazine, Aronson stated, "This might be the correct price that will finally sell the luxury property after lingering on and off the market for the last six years." With only a handful of competing listings in similar price brackets, time will tell if Aronson's prognosis is accurate.
