It’s been just over 11 years since we first wrote about the 30,000 square foot Burr Ridge monstrosity known as Villa Taj. At that time it was listed for sale for $25 MM and, supposedly, the seller was into it for $18 MM. Over the years we’ve written about it several times as the home flooded with 6 MM gallons of water and some squatter used it to seduce a woman. I summarized the history of Villa Taj in a November 2018 blog post when it was put back on the market for $7 MM, which is what the seller claimed to have invested in it. You should really check out that post because it gives some background information on the original owner, has a link to many of our older blog posts on the subject and it also has a nice slide show of the property.
Since that post the price was cut to $6 MM and finally to $5 MM in February 2020. It finally sold a week and a half ago for $3 MM, keeping up its long standing tradition of screwing the seller. It’s traded hands multiple times over the years and we don’t know all the prices it sold for so maybe somebody along the chain of title made a few bucks. However, the original owner definitely lost many millions and Dennis Rodkin pointed out that a lender lost at least $3 MM in the 2012 foreclosure sale.
At this point the bathrooms and the kitchen are all outdated with those earth tones so it’s not surprising that it had trouble selling. And the size is too daunting for someone to actually live there. It seems better suited for commercial use but Dennis’ article indicates that that required Burr Ridge approval. Nevertheless, someone actually did buy it in order to live in it.
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Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.