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Washington Park Mansion No Longer Going for the Gold

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Chicago's failed 2016 Olympics bid is something most people would probably rather forget, especially the folks who invested in real estate around Washington Park. The price and sale history of this 8,000-square-foot King Drive mansion provides a little insight into just how much stock some people put in The Games. The place was sold in 2006 for $530,000, and it came back on the market the following year for $1 million. In 2008, when the 'We Back the Bid' rah-rah stuff was reaching a fever pitch, someone actually dropped $1.15 million on the place. Then, as the bank started foreclosure proceedings, they listed it even higher, for $1.29 million, according to an old Crib Chatter post. That didn't last long. The price started plummeting even before IOC bounced Chicago in favor of Rio. It's now priced at $800,000 — down from $837,000 in March, and it seems likely that it'll have to go lower before it sells.
· Listing: 5228 South King Drive [Realtor.com]
· Still Dreaming of the Olympics? 5228 S. King [Crib Chatter]