Market Watch: 27 years later, owners sell Barrington Hills estate for half what they paid for it
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a North Cook News series on recent home sales that demonstrate the consequences.
The home: 2 Eagle Pointe in Barrington Hills.
It is 9,614 square-feet, including six bedrooms, eight bathrooms and a four-car garage on 5.1 acres in the wooded Eagle Pointe subdivision.
The seller: The late Larry Danyluk and his wife, Mary, built this home in 1992.
The seller: The late Larry Danyluk and his wife, Mary, built this home in 1992.
Larry was a mechanical engineer who died in Feb. 2016 at age 69.
Danyluk’s parents, Caroline and Robert Weirick of Mt. Prospect, won an $18 million Illinois lotto jackpot in May 1989. That’s $36.7 million in today’s dollars.
The Weiricks told Associated Press that they would share the money— 20 annual $900,000 payments over 20 years, ending in 2009— with the Danyluks.
The purchase: The Danyluks paid $851,000 for the home in March 1992. That's $1.53 million in today's dollars.
The sale: According to the Cook County Recorder, the home sold for $800,000 on Nov. 21.
It had been for sale since May 2015, originally listed for $1.489 million.
The property taxes: The Danyluks paid an estimated $723,000 in property taxes on 2 Eagle Pointe over 27 years of ownership.
Their 2018 tax bill was $27,477, or 3.4 percent of their sale price. Their property tax bill peaked at $39,564-- or about five percent of their sale price-- in 2014, just before they listed it for sale.
