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Kimmel condo price lowered
5-Nov-08 – The last three Marina City condominium units owned by Gary Kimmel, who will be sentenced this month for money laundering, have dropped in price. On Wednesday, the asking price for the three connected units was $884,500, exactly $10,000 less than the asking price when the units went on the market during the week of October 13. Kimmel pleaded guilty on May 29 to federal charges related to a nationwide prostitution ring. Sentencing is scheduled for November 20. The three units on the 56th floor of the east residential tower were not subject to a forfeiture order filed in U.S. District Court on September 3, as long as Kimmel paid $405,000 in restitution. Randall Samborn, Public Information Officer for the United States Attorney’s Office, said he could not comment on whether or not this means full restitution has been satisfied. The “coop commission” paid to the buyer’s real estate agent has been increased to five percent of the purchase price, which is considered “very high” by a Realtor MCO spoke with who specializes in residential property in downtown Chicago. Typical coop commissions, said the Realtor, are around 2.5 or 3 percent of the purchase price. The selling agent is listed as Hugh Savage, a licensed real estate agent and former member of the Marina Towers Condominium Association board of directors. Sources who have seen the full MLS listing say the contact for showings is John Leonard, a real estate lawyer who is married to MTCA president Donna Leonard. In 2006, to help sell six condo units, Kimmel employed Donna Leonard as his real estate agent. John Leonard was Kimmel’s attorney at the closings, according to the United States Attorney’s Office. Documents from the Office of Cook County Treasurer show Kimmel in arrears on his property tax bills. As of October 24, payments due totaled $6,810.37. The payment that was due on March 4, 2008, according to the county, was not paid until July 23. Related stories:
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