YOUR PREMIER SOURCE FOR GOLD COAST REAL ESTATE !     CALL 312-953-9567

As Seen In Chicago Real Estate Daily

Kristine Farra In Chicago Real Estate Daily

‘Villa Taj’ mansion sells for $3.1 million

By: Abraham Tekippe January 10, 2013

After sitting empty for several years, the 30,000-square-foot “Villa Taj” mansion in southwest suburban Burr Ridge finally has a new owner.

A private trust paid $3.1 million in November for the property at 6501 S. County Line Road, according to property records, a fraction of the $25 million its previous owner, dentist Husam Aldairi, once hoped to sell it for before losing the home through foreclosure last year.

The trust bought the property from an affiliate of MB Financial Bank N.A., which seized the mansion though a public sale in June for an undisclosed amount, records show.

Completed in 2009, Villa Taj includes five master suites and a 2,500-square-foot imperial suite, a ballroom, a cigar room, a wine cellar and a 20-car garage, among other amenities, according to a property listing. Influenced by Spanish and Middle Eastern architecture, it was constructed using stones and other textiles from around the world, according to broker Kristine Farra.

Ms. Farra said she was the exclusive listing agent on the property, which sits on 3.5 acres of land, in 2009 after Mr. Aldairi decided to move away from the Chicago area and sell the home before ever living in it.

 

The empty mansion made headlines in 2011 when a burst pipe flooded the home with approximately 6 million gallons of water.

Despite the extensive damage, Ms. Farra said she was surprised by the $3.1 million sale price.

“It’s not even a fraction of what he had paid to build it, given the quality of construction and imported materials,” Ms. Farra said, estimating that Mr. Aldairi spent as much as $18 million constructing the mansion. “That would probably not even cover the land value at this point in time.”

“Even in the best market, ($25 million) was high,” said Ms. Burtt, who was not involved with the property. “It didn’t seem like it was set up for regular family living.”

A lawyer representing the trust that bought the mansion and a representative for MB Financial did not return calls Wednesday afternoon.

Details of the sale were first reported by the Chicago Tribune.

~ Crains