Vince Vaughn Reduces Penthouse $1.65 Million But Does Anyone Care? 159 E. Walton In The Gold Coast
There was this big brou-ha-ha when actor Vince Vaughn put his Palmolive triplex penthouse at 159 E. Walton in the Gold Coast on the market in June 2012 for $18.4 million.
Other than a Trump penthouse which had come on the market at $32 million, this was the most expensive condo on the market in the city.
Three months later, the price was reduced $1.65 million to $16.75 million.
The penthouse has 5 bedrooms with 12,000 square feet.
We don’t know what it looks like because there have never been pictures posted on the public realtor sites.
Is it actually doing this property a disservice to NOT put pictures out where the public can see them?
The listing says it has Hugh Hefner’s originally restored Playboy office. Why not show us?
The celebrity listings tend to go global.
Curbed puts it out there and then the next thing you know it’s on the front page of Yahoo (which hundreds of millions around the globe read daily.)
That’s marketing (and publicity) you can’t buy.
What if a celebrity reduces the price on a property and no one cares?
Susan Miner at Premier Relocation has the listing. See the listing here (no interior pics, remember).
159 E. Walton PH: 5 bedrooms, 6 baths, triplex, 12,000 square feet, 3 car parking
- Sold in September 2006 for $12 million
- Originally listed in June 2012 for $18.4 million
- Reduced
- Currently listed at $16.75 million
- Assessments of $11,595 a month (includes doorman)
- Taxes of $42,772
- Central Air
Downright reasonable ass fees.
And someone explain how the taxes (i.e. the ass value) are so low. Bc condos in premium buildings, especially premium condos in premium buildings, get underassed?
I could care less about that fat douche’s property
DZ, this building had a historic preservation tax incentive for original buyers that served as an 8 year freeze on the taxes. I believe it was frozen at what the taxes were on the building prior to rehab.
“this building had a historic preservation tax incentive for original buyers that served as an 8 year freeze on the taxes. I believe it was frozen at what the taxes were on the building prior to rehab.”
Ahhhh, I see. Thanks.
But does the general phenomenon exist? I recall your discussion once about setting AV and that it was based on broad groups of comparables rather than even a recent sale price of the subject property. So would a showcase penthouse get underassed bc there is simply nothing in the methodology to account for the factors that make it valuable? If there isn’t a factor to account for being a legit penthouse (or a fantastic view or being w of western) in the assment, such properties would get underassed, no?
I can almost understand no pictures (privacy issues?!), but how about a floorplan? If this is a 12,000+ sq. foot place, why do the 12 rooms listed, total only a bit more than 3200 sq. ft? (yes, I know there are bathrooms, hallways, etc., but why omit mentioning the size of some presumably large rooms that AREN’T listed. but list under “other rooms” as 8 x 4 room (closet??) and a 7 x 7 room. I’d expect a bit more from a real estate agent whose firm could be paid almost 1/2 million even with a commission split!
I meant e of western! Who wants to be w of western, except in logan of course.
“Downright reasonable ass fees.”
Especially if it includes a personal doorman.
Given i never gone into a theater to see one of his movies (only will rent them) the guy does pretty well for himself.
“Is it actually doing this property a disservice to NOT put pictures out where the public can see them?”
yeah cause that’s all that stopping anyone at this price point from going to see this place, the fear that it might secretly be a crapshack in need of updating.
“such properties would get underassed, no?”
Yes, they certainly would, and historically have been. However, there are signs so far in this year’s reassessment that the new assessor is doing a much better job with the outliers on the high end. I would even guess that they are now considering the actual purchase price in their assessment for the highest priced recent sales. That was a simple job that the previous assessor failed to do.
I love the Palmolive Building. Great building… very urban feel. I like how it goes right up to the street and some lucky people have a terrace too.
This guy makes a lot of money. He should probably show pics. Very dumb not too. Joan Rivers has her home up for sale and she talks about it on every show she’s on.
Palmolive over Trump ANY DAY!
” I’d expect a bit more from a real estate agent whose firm could be paid almost 1/2 million even with a commission split!”
I’m sure that the lack of photos, floor plans, and publicity is the direct result of a conversation with the celebrity owner as the RE firm will do whatever he wants. There is little doubt that the agent even offered to get mega publicity from the easy PR release that could be generated with a shot of Mr. Vaughn sitting at Heffner’s old desk. One photo is all it would have taken. Even a photo without the celeb would do the trick, just featuring the former office suite. Clearly they chose otherwise.
Will it eventually sell? Yes, I predict that there will be a cash buyer salivating for that property at some price that is fairly close to this ask. Maybe Barack and the family can move in next February. Then again maybe not….
“I’m sure that the lack of photos, floor plans, and publicity is the direct result of a conversation with the celebrity owner as the RE firm will do whatever he wants.”
That is right. It’s the owner who dictates what is done on a property like this.
And I understand the “privacy” issue but he and his family doesn’t even live there anymore. They’re in LA. Just move the personal stuff out of the unit, stage it with new furniture, take the pictures and put it on the market with the pics.
There are only a handful of buyers in Chicago who could buy this unit. They are already known. (And no, Obama isn’t one of of them. He couldn’t afford it.)
You need to market it to those outside of Chicago. Maybe there is a rich Russian or Chinese billionaire who are Vince Vaughn fans? Who knows? You really want as much publicity as you can get with a trophy property.
But what do I know. 😉
“yeah cause that’s all that stopping anyone at this price point from going to see this place, the fear that it might secretly be a crapshack in need of updating.”
Icarus: Rich people are people too. They respond to the same stimuli as the normal folk- and that is pictures.
Say you are an older hedge fund manager living on the North Shore. Your youngest child just went to college and you and your wife have decided to move to the city. Your wife has been looking at properties online for awhile. There are some lovely units in the Trump Tower (with pictures.) Same with the Elysian. There’s a cool unit in the Playboy Mansion with a beamed ceiling (yes- with the pictures.) His wife is dreaming about what it would be like to live in one of those places.
Then she runs across the Palmolive penthouse unit. She has never been in the building. She has no idea what it is like. She sees the description. Gee, wonder what Hugh Hefner’s office would look like. Is it cool? Is there wood and a chandelier? What are the views like? Can you really go out on the terrace?
But there are no pictures. So she shrugs and continues to look at the pictures of the other units in the other luxury buildings also in their price range. She loves that beamed ceiling in the Playboy Mansion. Her and her husband make an appointment to go look at it.
This scenario happens every day around the globe in the world of real estate. Really Icarus. You of all people should know better. Real estate is all about the dream. At EVERY price point. If you don’t show them the dream, they’re not going to want to buy it. It’s as simple as that.
The RE has pictures that she will send to interested individuals once they are pre qualified (i.e., demonstrate they are high net worth). They are not on the internet for pedestrian viewing but the wealthy know they can have access to pictures if need be.
no hoi polloi eyeballs wanted
i think it comes down to valuing privacy more than getting a quick sale.
and i’m sorry, but the odds of some Russian billionaire being interested in a condo in Chicago is really non-existent.
it would be like an American billionaire being interested in buying in Russia…but not in Moscow, or St. Petersburg, but …let’s say Novosibirsk.
in all likelihood, this buyer is coming from somewhere in/around Chicago. with serious business ties to Chicago. and if they’re interested in the Palmolive at all, they’ll know about this listing and i’d imagine they’ll have the pictures in front of them before they even have to ask.
really a non-issue.
“no hoi polloi eyeballs wanted”
Only hoity toity (or hoighty toighty) ones.
“Just move the personal stuff out of the unit, stage it with new furniture, take the pictures and put it on the market with the pics.”
I’m not sure you realize how much crap you can fit into a 12,000 sqft place… thats not an easy task finding a place for all that “personal stuff” and staging it with new furniture might cost a small fortune… but I agree this agent sucks and should be fired.
“the odds of some Russian billionaire being interested in a condo in Chicago is really non-existent. ”
The odds of any random being interested would rely on two things:
–The Hefner/Playboy connection
–Al Capone (we’ve all heard the stories of people
Do I hear $10 million?
But there are no pictures. So she shrugs and continues to look at the pictures of the other units in the other luxury buildings also in their price range. She loves that beamed ceiling in the Playboy Mansion. Her and her husband make an appointment to go look at it.
This scenario happens every day around the globe in the world of real estate. Really Icarus. You of all people should know better. Real estate is all about the dream. At EVERY price point. If you don’t show them the dream, they’re not going to want to buy it. It’s as simple as that.
Sabrina – Yes that is a very true statement however don’t overlook that they are making an appointment with an AGENT to see the beamed ceiling at the Playboy Mansion. Perhaps she will fall in love at first sight and they will make an offer. In that scenario Vaughn mansion gets shut out.
If they do not make an offer the agent who one can assume is a top producer who is used to dealing with high net worth individuals will tell the couple about this extremely special and very private property. It will actually build the drama and potentially become the dream!
“And no, Obama isn’t one of of them. He couldn’t afford it”
Perfect, the man does have a history of making commitments that he (we) can’t afford! Ha ha….Just don’t think that this place is his style. My money says that after leaving office in 2013 or 2017 that he and the family spend little time in Chicago. He may keep a house in the area but it will not likely be his permanent or full time home.
Who is Vince Vaughn? All I know is that this “Gold Coast” place has a McDonald’s that seems to attract alot of “transient youth”.
Vince Vaughn is so money…and he does not even know it!