If you noticed a new $50 million listing on the MLS today, we thought we’d clarify that you didn’t actually misread anything—that really is a 25,000 square foot mansion in Lincoln Park that’s asking a record-setting price.
According to reports, the sellers built the home less than a decade ago after combining seven city lots, which were purchased for $12.5 million back in 2005. Now spending more time in Florida and hoping to downsize, the time to sell this now-iconic mansion has apparently arrived, even despite likely taking a loss on the property.
As specially mentioned in the Tribune, the current owners spent a whopping $65 million to build the home, which also includes the land costs. But citing “the reality of the market” as to why a loss might be inevitable, a listing price of $50 million is currently where Chicago’s newest high-profile property stands.
For an inside look at 1932 N. Burling in Lincoln Park, click on the listing below...