By Sari Levy
A few years back, I wrote about Villa Taj, the 30,000 plus square foot monstrosity of a homelocated at Plainfield and County Line Road in the distinguished town of Burr Ridge. The museum looking homeonce listed for sale for a mere $25 million dollars. At that time, I speculated the property might sell for $12mm. That would have been great for the seller.
Villa Taj was the dream home gone nightmare of Husam Aldairi, an area Dentist and was built with the finest materials such as Jerusalem limestone. During the years of 2009 and early 2010, the owner tried to sell the home unsuccessfully. He also has a defunct dental practice in Addison that led him into bankruptcy
In June of 2010, Aldairi lost the mansion in foreclosure to lender MB Financial. When the home foreclosed there was at least $8mm in mortgage debt and several mechanic liens for several thousand dollars each totaling another $1 million dollars.
In late 2010, the bank tried to market the property both through a real estate broker and via the auction block and neither was successful despite a price reduction down to $13mm.
In March2012, a pipe burst and flooded the place with more than 6 million gallons of water. 6 million gallons? That’s enough water to take 120,000 baths (figuring the average bath uses 50 gallons). For further perspective, it’s enough water to fill a 267 feet long, 50 feet wide and10 foot deeppool 6 times. Question for thought. Was there an insurance payout?
In June of 2012, a Rosemont based development company purchased the property for an undisclosed amount. The Chicago Tribune reported that in November, Villa Taj sold for $3.1 million. There has been much speculation on the future of the property. Its situated amongst other million dollar plus homes.
By Sari Levy