Corgan Further Smashes Chicago Condo Price

June 25, 2011

Billy Corgan really wants out of his Chicago real estate.

The Smashing Pumpkins lead singer and songwriter has again dropped the asking price of his vintage Gold Coast condominium, 1500 N. Astor Place, from $3.55 million to $2.85 million.

That is less than the $2.95 million he paid for the full-floor unit in 2002, and a long way off from the $5.5 million he originally listed the home for in 2008.

The six-room, 3,700-square-foot home is one of nine units located in the Patterson-McCormick Mansion built in 1893.

Corgan’s unit includes two bedroom suites, two-and-a-half baths, four wood-burning fireplaces, a reception room, a library, a balcony, a terrace, Walnut herringbone wood floors, ceilings over 10-feet high and a parking space.

Corgan's terrace.The pet-friendly building, which offers an elevator and an exercise room, carries a monthly assessment fee of $2,227, which includes water, parking, exterior maintenance and common insurance. The tax bill on this property in 2009 was $20,474.98.

Corgan, 44, is originally from Elk Grove. He also owns a mansion on Lake Michigan in Highland Park, which he purchased in 2003 for $6.8 million.

Want to see the listing? Click here.

Hopefully, Corgan will have better luck then former Chicago Bull Tyson Chandler did.

Chandler, who just won an NBA championship with the Dallas Mavericks, had been trying to sell his home in Northfield for four years.

After buying the Normandy-style mansion for $4 million in 2006, Chandler listed it for sale at $5 million in 2007 before dropping the asking price several times.

The sale finally closed on June 20 for a mere $2.1 million, a tiny bit more than half of what he dished out for it in the first place.

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