A suburban megamansion known as Villa Taj that once listed for $25 million just sold for $3 million. But the property itself is more of the story than the volatile luxury market.
Built in 2008, the 30,214-square-foot Burr Ridge mansion has seen its price steadily drop and its issues steadily increase, according to the Chicago Tribune, which first reported on the sale.
The mansion flooded in 2011 after water pipes burst in its second-floor bathrooms, while the property sat vacant. Those problems were later repaired.
Its most recent price chop was in early March, when it was slashed to $5 million from $6 million. The seller, Arvin Lourdenadin, had bought the house in a 2012 sheriff’s sale for $3.1 million, then fixed it up and relisted it for nearly $11 million in 2016.
The listing agent for the current sale was Lisa Petrik of Jameson Sotheby’s International Realty. Petrik declined to identify the buyer but said that he “had his eye on it for a while,” according to the Tribune.
Other suburban mansions have lingered on the market for years, most notably Michael Jordan’s 30,000-square-foot compound in Highland Park that was first listed in 2012 for $29 million. It is now on the market for $14.85 million, according to Redfin. [Tribune] — Sasha Jones
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Residential
Chicago
Initially listed for $25M, ‘Villa Taj’ in Burr Ridge now up for grabs for $5M
Residential
Chicago
The Chicago suburbs are back!