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Rebranded as the Palace Royale, This Luxe Illinois Mansion Still Seeks a Buyer

We’ve come to expect lavish estates in Beverly Hills, CA, and Palm Beach, FL—but not in the suburbs of Chicago. A familiar sight to locals, this 30,000-square-foot estate now known as Palace Royale in the unlikely locale of Burr Ridge, IL, just went on the market for $10.95 million. Michael Lafido of Marketing Luxury Group is the listing agent.

The property has been rebranded in an attempt to snag the right buyer, according to Lafido. “It was formerly known as Villa Taj, but we’ve rebranded it.”

Built in 2011 on a 2.5-acre lot, the Palace Royale has eight bedrooms and 11 baths, There’s a 22-car garage, 15,000 square feet of covered terraces, and elevators.

Six of the bedrooms have marble baths, the master bath has two showers, and the dining room has a lounge. Another rare perk: an enormous ballroom with a 38-foot ceiling.

“The original owner built it for himself and his wife, and they had family plans that changed—they never moved into the home,” says Lafido. “The home was never occupied. When my client bought it, he bought it because he has family in the area and travels a lot. He made a lot of improvements. The reason he’s selling it is because he’s not traveling to Chicago as often as he thought he would.”

Lafido’s client bought the place in 2012 for $3.1 million, way below the $13 million list price in 2010. But it’s also a huge increase over Burr Ridge‘s median list price of $599,000. The property is without parallel in this suburb about 30 minutes outside of downtown Chicago.

In prepping to put the house back on the market, the current owner “softened the property,” says Lafido. The very “taste specific” porcelain wall coverings were removed, he says. Hardwood floors and coffered ceilings were added, and the landscaping was updated.

Lafido thinks this property might wind up in the hands of a couple of families teaming up to purchase a vacation home.

“The outside style has got a different flair, for sure, so from a cosmetic standpoint, it’s going to take a specific buyer,” he says.

In a video targeting deep-pocketed buyers, Lafido highlights the 22-car garage.

“We did a lifestyle film where we brought in $2.5 million worth of vehicles—three Lamborghinis, two Bentleys, and two Rolls-Royces,” he says. “We got over 36,000 views on that video, and we have a couple of buyers that are seriously considering pulling the trigger on an offer.”

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Source: Real Estate News and Advice – realtor.com » Real Estate News