Smashing Pumpkins Frontman's Bargain Chicago Condo

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As rumors swirl around the Internet about a possible romance with singer Jessica Simpson, Smashing Pumpkins frontman and songwriter Billy Corgan continues to smash the price of his 3,700-square-foot Gold Coast condo.

Corgan, a Chicago native, is dropping the price to $3.55 million, reports The Chicago Tribune, from $3.75 million. This is the latest in a string of price cuts from the initial listing price of $5.5 million when the six-room vintage condo hit the market in September of 2008.

So is the Smashing Pumpkins frontman moving closer to Jessica Simpson?

Corgan's home is located in the historic Patterson-McCormick mansion, a couple of blocks away from Lake Michigan. The two-bedroom place features four fireplaces, 10-foot ceilings, an oak-paneled living room and a terrace. He bought the Gold Coast condo for $2.95 million in 2002.

In an interview with MTV, Corgan was "vague" about his relations with Simpson. Last month, the Pumpkins frontman helped Simpson write her theme song for her upcoming show on VH1, "The Price of Beauty." Meanwhile, the alternative-music songwiter is busy working on a 44-track collection, which he's releasing over the next three years for free download from his Web site.

At least one rumor can be dispeled: he's not leaving Chicago to be closer to Simpson. Despite the sale of his Gold Coast condo, the Pumpkins frontman still maintains a presence in his hometown. In the northern suburb of Highland Park, Corgan owns a lakefront mansion, which he bought in 2003 for $6.8 million.

But if that goes up for sale, the rumor mill will be churning.