Market Watch: Former Bear Brandon Marshall could lose at least $250K on Michigan Avenue penthouse
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
The home: 6 N. Michigan Ave., Unit 1901
The one-of-a-kind penthouse in the former Montgomery Ward Observatory covers 6,000 square feet of living space over four floors. Amenities include a master suite that takes up the entire third floor, 20-foot ceilings, spectacular views of Grant Park and Lake Michigan, and more than 2,000 square feet of outdoor space, including a wrap-around terrace.
The seller: Former Chicago Bear Brandon Marshall
The seller: Former Chicago Bear Brandon Marshall
A wide receiver, Marshall was drafted by the Denver Broncos in the fourth round of the 2006 NFL Draft. He's a six-time Pro Bowler, a member of the coveted 10,000 Yard Receiving Club, and the first NFL player to have a 1,000 receiving yard season with four different teams.
He holds six franchise records with the Bears, including most receptions in a single season (118 in 2012) and most receiving yards in a single season (1,508 in 2012).
Marshall's stellar play, however, has often been overshadowed by his off-field troubles.
In his first season in the NFL, he was involved in a fight on New Year's Eve, which led to the shooting death of his Broncos teammate Darrent Williams. He also missed the entire 2009 pre-season after being suspended for a number of run-ins with the law including an arrest for domestic violence, another for drunk driving and yet another for disorderly conduct.
In 2011, while with the Miami Dolphins, he underwent emergency surgery after allegedly being stabbed by his wife, Michi Nogami-Marshall, who claimed it was in self-defense. Charges were later dropped and later that year Marshall was diagnosed with borderline personality disorder. He and his wife, who are the parents of two children, have since become advocates for mental health awareness.
Marshall last played with the New Orleans Saints, but was cut by the team in late December.
The purchase: In March 2014, Marshall paid $3.9 million for the Michigan Avenue penthouse, or $4.15 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The listing: According to Zillow, Marshall listed the home for $4.98 million in April 2018, the same month he was cut by the New York Giants. He dropped the price to $4.45 million in mid-July and also listed the unit for rent. In September 2018, he removed the home from the market, but a month later relisted it for $3.95 million before lowering the price to $3.9 million on Tuesday.
Assuming he finds a buyer at his current asking price, he will have lost at least $250,000 in the sale.
