Market Watch: Ex-Bulls star Pippen stands to lose at least $720K on Highland Park mansion
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: 3393 Old Mill Road, Highland Park
It has six bedrooms including two master suites with spa bathrooms, five full baths, a wine cellar, game room, movie theater, an indoor sports court and an attached four-car garage.
The seller: NBA Hall-of-Famer Scottie Pippen, 53, purchased the property after his retirement from the Chicago Bulls in 2004.
Pippen joined the Bulls in 1998. After 11 seasons in Chicago, he spent a year playing for Houston and another four for Portland. He spent his final season back with the Bulls before retiring in 2004. During his career, he was named to seven All-Star teams and played on teams that made the postseason 16 consecutive times.
The purchase: Pippen purchased the property when he retired in 2004 for $2.23 million, or a value of $2.97 million in today’s market.
The sale: The home was listed on Oct. 4 by Coldwell Banker for $2.25 million, which would represent a loss of $720,000, accounting for inflation.
Pippen may be optimistic with his listing price, as fellow Chicago Bulls alum Kirk Hinrich recently sold his Bannockburn estate for $2.6 million less than he paid for it, by today’s money. Hinrich originally listed the home for $4.45 million in April 2017, with the home selling for $2.75 million in August.
The property taxes: Since purchasing 3393 Old Mill Road, Pippen has paid $522,061 in property taxes, or 23 percent of his asking price.
His bill this year was $39,233, or 1.8 percent of the current asking price.
3393 Old Mill Road Property Taxes 2004-2017