As anticipated, a gargantuan mansion on Lincoln Park’s famous Burling Street has officially hit the multiple listing service with an asking price of $50 million. Built in 2008, the 25,000-square-foot home was built by United Automobile Insurance chairman and CEO Richard Parrillo and his wife Michaela at an estimated cost of $65 million. According to the Tribune, the couple paid $12.5 million back in 2005 for the seven lots on which the home occupies. The listing agent for the Parrillos tell both Crain’s and the Tribune that the family has been spending more time in Florida and are looking to downsize.
With an ask of $50 million, the home sets a new record for the Chicago area. The previous record was held by a raw penthouse space in the Trump Tower that listed in 2011 for $32 million. The penthouse ended up selling at the end of 2014 for $17 million—which became a record breaking sales number. Even if the Burling mansion gets half of its asking price, it’ll not only break the previous record sales figure, but it’ll do so by several million dollars.