ELITE STREET | Bob Goldsborough |  Interested in renting a luxury Gold Coast condominium unit from Billy Corgan?

Corgan, the Smashing Pumpkins lead singer and chief songwriter, is continuing to ask $3.55 million for his vintage 3,700-square-foot condo on the Gold Coast, but he has added a new twist: he also is offering the renovated full-floor unit for rent for $10,000 a month. 

Corgan first listed the condo for sale in September 2008 for $5.5 million and reduced it to $4.35 million in April 2009 and to $3.875 million six months later. In February, he reduced its asking price to $3.55 million.

The condo is in a converted mansion built in 1892.  And though the unit has only six rooms, their dimensions are large.  For example, the oak-paneled living room measures 36 by 21 feet, while the dining room is 21  by 21 feet.

The condo also has two large bedrooms, 2 1/2 baths, four wood-burning fireplaces, walnut parquet floors, a reception room, 10-foot-plus ceilings, a library, balcony, large terrace and deeded parking space.

“This market is so tough, and Billy’s been sitting with the unit vacant for a long time,” said listing agent Frances Elliott of Estate Properties. “He started at $5.5 million, and we’re down to $3.55 million, and honestly, that just gets him out even.  It’s expensive for him to carry it, so if he can park somebody in there for a couple of years until the market turns around, that’d be great.  Personally, I think $10,000 a month is really cheap for that apartment.  I think that’s a whole lot of apartment for $10,000.”

Elliott also has begun suggesting that buyers combine Corgan’s unit with the condo directly above it, which another owner has listed for $3.5 million, to create a 7,000-square-foot duplex.

Corgan purchased the condo in 2002 for $2.95 million.  He continues to own a mansion on Lake Michigan in Highland Park, which he bought in 2003 for $6.8 million.