Vince Vaughn Splits Penthouse Into 2 and They Are Already Both Under Contract: 159 E. Walton in the Gold Coast

159 e walton approved

We’ve chattered about Vince Vaughn’s Palmolive penthouse at 159 E. Walton in the Gold Coast several times over the years.

You can see the 2012 chatter here.

He’s been trying to sell it since 2011 to no avail.

Last week, he took the unusual step of splitting the triplex penthouse into two units composed of one full floor unit and a top floor duplex.

The full floor unit, which is 4292 square feet, will be priced at $4.2 million.

The penthouse duplex, with 7880 square feet, will set you back $8.5 million.

Apparently, no one wanted all that space.

Having the penthouse as a duplex and not as a triplex as it’s currently configured — was “originally how the developer had it done,” Malkin said. “We got feedback from buyers that (the triplex) was too much square feet.”

“Like most things in those price points, it’s something that’s a second or third or fourth home for someone,” Malkin said. “So we decided this was a different marketing opportunity. We thought we’d see if this was a better way to do it.”

Malkin said a potential buyer of just the 36th and 37th floors would not need to make many changes to the unit, necessarily. However, the 35th floor likely would require significant alterations, she said. The option also exists that a buyer may come on the scene and choose to buy all three levels, she said.

According to the Tribune, an internal staircase would have to be removed if someone bought the full floor unit.

It looks like it was giving buyers what they wanted, because BOTH units have gone under contract in only a week.

Were there already buyers waiting on the sidelines to buy the split units before they went to the press with this? (And if so- why go to the press with it at all?)

Or did buyers suddenly materialize for the smaller units at the same time within a week of splitting them because the market is that hot?

Or is the same buyer actually buying both listings after all?

Katherine Malkin at Baird & Warner has both listings.

You can see the pictures for the full floor unit here.

159 E. Walton #35: 3 bedrooms, 3.5 baths, 4292 square feet

  • Currently listed for $4.2 million
  • Under contract in just a week
  • Assessments of $4034 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal
  • Taxes are $15,556 (per Redfin)
  • 1 car parking included
  • Central Air
  • Washer/Dryer in the unit

You can see the pictures for the top floor duplex here.

159 E. Walton PH: 3 bedrooms, 5.5 baths, duplex, 7880 square feet

  • Sold in September 2006 for $12 million
  • Originally listed in June 2012 for $18.4 million
  • Reduced
  • Was listed in 2012 for $16.75 million
  • Reduced to $13.9 million
  • Split up the unit into 2 units
  • Now listed as a duplex for $8.5 million
  • Under contract in only a week
  • Assessments now $8988 (they were $11,595 a month as one unit in 2012)
  • Taxes now $34,920 (they were $42,772 as one unit in 2012)
  • Central Air
  • Washer/Dryer in the unit

11 Responses to “Vince Vaughn Splits Penthouse Into 2 and They Are Already Both Under Contract: 159 E. Walton in the Gold Coast”

  1. Not sure who bought both units, but if it was me i’d send someone thru with a blacklight

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  2. Nice ratio of bedrooms to bathrooms on the duplex…

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    Rating: +1 (from 3 votes)
  3. Wish that he would have called me first. I’d have bought one bathroom, the bar area, and a balcony for parties.

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    Rating: +2 (from 2 votes)
  4. Taxes, especially on the smaller unit, are way low for this price point.

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  5. “Taxes … are way low”

    $15,556 taxes means about $800k assessed value.

    $34,920 means about $1.9m assessed value.

    These are still getting the ‘reno credit’ on the assessed value, aren’t they? [checking] looks to have expired.

    The AV has been as high as 767,867, but appears Vince never paid taxes at that valuation. Last year’s taxes on that valuation would have been close to $150,000.

    High end condos are totally undertaxed, compared to their sale prices.

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    Rating: +1 (from 1 vote)
  6. Kinda makes my blood boil. I sure hope the assessed value on all units in this building is up considerably so they pay their fair share!!! There is a SFH down the block from me, assessed at a mere $1MM and the owner pays almost $25K annually in taxes. I know he appealed and was flat out denied….as were the two SFHs adjacent to him.

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  7. “assessed at a mere $1MM and the owner pays almost $25K annually in taxes”

    There’s something wrong there. An AV of $1m on the nose would have been About $18k in taxes last year. A $25k tax bill implies an AV (market value number) of $1,415,000.

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  8. “Kinda makes my blood boil. I sure hope the assessed value on all units in this building is up considerably so they pay their fair share!!!”

    The Palmolive had a historic tax freeze. That’s how they were so low.

    It lasted 8 years for the original owners. It can’t be transferred to new buyers. Only original owners.

    I’m assuming most of the original buyers are now phasing out of this. It was an AMAZING deal for all of them.

    There are a few other buildings that also had this. I want to say 6 N. Michigan is also one of them (but maybe someone else can pipe in.)

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  9. Sabrina,

    Yes, 6 N Michigan was one of the buildings with a historic tax freeze. That building had a lot of investors/turnover, and as you stated, it does NOT transfer, so you are less likely to see it there.

    A few other buildings, such as 310 S Michigan (I think) had the tax freeze as well.

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  10. PH unit (top two floors once split up), closed on 9/14/16 for 8 million.

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  11. Bottom floor of triplex or unit 35 sold yest. for 4.1 million

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