Market Watch: Ex-Bulls star Hinrich loses $3M+ on Bannockburn estate
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a Lake County Gazette series on recent home sales that demonstrate the consequences.
The home: 1886 Hilltop Lane in Bannockburn
It has nine bedrooms, 8.3 baths, a six-car garage, "resort-like" swimming pool and a fully stocked fishing pond on nearly 6 acres.
The seller: Kirk Hinrich, 37, lived in this Bannockburn estate while he played NBA basketball for 13 seasons, parts of 12 of which were with the Chicago Bulls.
A former University of Kansas star and Sioux City, Iowa native who played on the 2008 U.S. Olympic Team,, Hinrich was selected by the Bulls in the first round of the 2003 NBA Draft.
Hinrich retired from the NBA in 2017, and moved with his wife and four children to Sioux Falls, South Dakota, where he bought a $2.49 million home that was one of the most expensive on record there.
His Bannockburn estate has been on the market since.
The purchase: In June 2007, Hinrich paid $4.4 million for the home, or $5.35 million in today's dollars.
He signed a $47.5 million, five-year contract extension with the Bulls in December 2006.
The sale: According to Zillow, Hinrich sold the home for $2.75 million on Aug. 30, or $2.6 million less than what he paid for it, in today's dollars.
Hinrich originally listed the home for $4.499 million in April 2017.
The property taxes: Hinrich paid $743,979 in property taxes over his time of ownership in Bannockburn, or 27 percent of the sale price.
His bill this year was $55,282, or 2.0 percent of the sale price.
That's compared to $14,463 (0.58 percent) on Hinrich's new home in Sioux Falls, according to the Lincoln County (South Dakota) assessor.