You may have heard about the Giannoulias family’s Broadway Bank troubles. The bank was shut down in April of 2010 because of its portfolio of bad loans. Despite the writing on the wall the family took $70 MM in dividends from the bank in both 2007 and 2008. Alexi Giannoulias, the former Illinois treasurer and son of the bank’s founder, had been a vice president at the bank from 2002 – 2006. His older brother, Demetris, served as the bank’s CEO.
Yesterday, Demetris Giannoulias’ house at 21 E Cedar in Chicago’s Gold Coast was listed for sale for $7.5 MM, which makes it the 7th most expensive home currently on the market in Chicago. Interestingly, a foreclosure was filed on the house in April of 2011. The only public records on mortgages at that address is for $2.5 MM from National Republic Bank back in 2009.
The construction of this house actually damaged Frank Lloyd Wright’s former love nest next door and resulted in a lawsuit against Demetris by the insurer of that property.
According to the listing the house is 8000 square feet packed onto 5 levels stacked on a 30 x 70 lot. Here are the pertinent details from the listing, including the descriptions:
- 12 total rooms
- 4 bedrooms
- 5 1/2 baths
- 2 1/2 car garage – how is there room for a garage?
- 2 fireplaces
Stunning 8,000 sq ft Gold Coast SFH on 30 ft wide lot. Custom built in 2010. This home offers exquisite design, outstanding millwork, & exceptional craftsmanship. Soaring ceiling heights averaging 12 ft on all levels, incredible 10” hand-scraped Carlisle Walnut flooring, DiGuilio designed kitchen, 2.5 car garage, theatre room, Penthouse level terrace with bar, & 3 outdoor spaces with city views… Exquisite attention to detail, offering elegance & bespoke design in a one-of-a-kind home in the ideal location. 24 hour notice required.
Check out the photo gallery below.