Market Watch: Former Starwood Retail CEO loses $500K on Gold Coast home
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
The home: 1340 N. State Parkway, Unit 1N
In the former Playboy Mansion, this three-bedroom, three-bath home encompasses more than 3,200 square feet. Its kitchen was recently reconfigured to add a great room area; and the unit includes a 593-square-foot outdoor terrace with perennial gardens, a seating area and a fire pit.
The seller: Lorrie S. and F. Scott Ball
The former president and chief operating officer of Starwood Retail Partners in Chicago, F. Scott Ball was named CEO of Finnish shopping center developer Citycon in November.
The purchase: In November 2014, the Balls paid $2.78 million for the home, or $2.96 million in today's dollars.
The sale: According to Zillow, the couple sold the home for $2.25 million on Nov. 29, or $530,000 less than the original purchase price, in today's dollars.
The Balls originally listed the home for $2.85 million in April 2018. They dropped the price to $2.75 million a month later and finally to $2.55 million in October.
The property taxes: They paid $125,446 in property taxes while owning the home, or 6 percent of the sale price.