Safeway Insurance founder William Parrillo and his wife Carol sold their Fisher Island condo for $7 million.
The Parrillos sold the 6,618-square-foot, six-bedroom unit at Bayview to White & Case partner Thomas E. Lauria, property records show. Lauria heads the law firm’s financial restructuring and insolvency practice, and has been involved in restructuring more than $100 billion of debt, according to his bio.
The Fisher Island condo, a ground-floor villa with 2,000 square feet of outdoor space, has a private infinity pool, a library, chef’s kitchen, and waterfront bar/entertainment space. It was designed by Steven G. It sold for $1,058 per square foot.
The condo, at 5112 Fisher Island Drive, was on the market with Robert Conway of Douglas Elliman. Riley Smith of Berkshire Hathaway HomeServices EWM Realty represented the buyer.
The unit last sold in 2004 for $5.2 million. It hit the market in 2018 for $17 million, and was relisted since then. It was most recently asking nearly $11 million.
The Parrillo family founded Safeway Insurance in 1959. The company, which primarily offers auto insurance, is headquartered in Westmont, Illinois and operates in Alabama, Arizona, Arkansas, California, Colorado, Georgia, Illinois, Louisiana, Mississippi, New Mexico, Tennessee and Texas.
The couple, who is from Chicago, plans to leave Fisher Island, Conway said.
Conway, who was hired as the listing agent last year, said a previous contract fell through due to the pandemic.
Lauria, a bankruptcy attorney, has been involved in high-profile cases, acting as lead counsel to the creditors who were awarded ownership of Six Flags.
Fisher Island, one of the most expensive ZIP codes in the U.S., is accessible only by boat or ferry. The entrance fee for an equity membership at the Fisher Island Club is $250,000, and provides access to the island’s private marina, golf course, spa, restaurants, school and retail.
Recent sales on Fisher Island include the $11 million closing of Pacific Star Capital developer Aria Mehrabi’s unit at Oceanside Fisher Island, and the $15 million sale of another unit at Bayview, which sold to an heir to George Wackenhut.