Second Price Reduction For Playboy Mansion Condo

Hugh Hefner moved out of the famous Chicago Playboy Mansion at 1340 N State St. in 1974 to spend all his time at the Playboy Mansion West, donating the Chicago mansion to the School of the Art Institute of Chicago. Then in 1993 a developer restored the mansion and converted it into 7 condos. Unit 2 at 1340 N State St. (I believe it is a full floor) went on the market in July for $6.7 MM and has already had two price reductions. At $5.8 MM it is now the 5th most expensive condo on the market in the city of Chicago. Of course, the ability to say “Wanna come back to the Playboy Mansion with me?” alone is worth $5.8 MM.
The 7900 square foot (includes patio space) unit has 4 bedrooms, 5 bathrooms, and comes with 2 parking spaces. Here is some other information on the place and the description from the MLS. You can see the photo slide show below.

  • 4 fireplaces
  • Monthly assessments are $4717
  • Property taxes are $84,000/ year

Elegant, timeless, one of Chicago’s rarest offerings. 7874 SQFT single flr residence w/attached terrace at the Playboy Mansion. Exceptional rms of generous proportion elegantly appointed throughout. Master ste w/tree-lined vws & att paneled study. Once the mansion’s ballroom, the LR feat original paneling & soaring ceiling heights. Oversized formal DR adj to a cook’s kit. 3 addt’l large ensuite bedrooms + 2nd study.

The condo is listed by Katherine Chez of Baird & Warner.
The condo actually went under contract in about two weeks after being listed but the deal fell apart after a couple of weeks. The first price reduction to $6.03 MM came on October 25 and this last price reduction came only a couple of weeks later. The seller sounds motivated.
Here is some history on the Playboy Mansion according to Wikipedia:

The original Playboy Mansion was a 70-room classicizing French brick and limestone residence in Chicago at 1340 North State Parkway, which had been built in 1899 for Dr. George Swift Isham; it was acquired by Hefner in 1959. For a period in the 1970s, Hefner divided his time between the Chicago mansion and the Mansion West, moving full time to the California mansion in 1974. The Chicago mansion boasted a brass plate on the door with the Latin inscription, Si Non Oscillas, Noli Tintinnare (“If you don’t swing, don’t ring”).

If those walls could talk…

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