Billionaire Ken Griffin, a hedge fund mogul, has just sold his luxury penthouse in Chicago at a loss of more than 40%, according to a report.
Griffin recently offloaded the top two floors of his penthouse at the No. 9 Walton condo tower in Chicago, specifically the 38th and 39th levels. One of the floors has access to a rooftop pool.
The hedge fund mogul sold both floor units for $19 million, which is 44% less than the $34 million he paid for the property in 2017, Crain's reported.
What Led to the Large Markdown?
The 44% price cut could be due to the ongoing struggles of luxury real estate in Chicago, per the New York Post.
It should be noted that Griffin made waves in the city's real estate market in 2017 when he purchased the two units plus two others inside the condo tower for a whopping $58.75 million. At the time, it was the most expensive real estate transaction recorded in Chicago.
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In addition to spending millions to purchase the property, he also made a deal with the building's developer to enlarge the penthouse, which included expanding the living space to 15,000 square feet, adding four terraces, and a rooftop deck with a pool.
The planned expansion was never completed, leaving the four units unfinished.
Neither the 36th nor 37th floors have been sold. Griffin has attempted to sell the 36th floor numerous times in the past year with an asking price of $12 million, according to Mansion Global.
Griffin's Other Real Estate Moves
The selling of his Chicago property comes after he also sold two other properties: 66th-floor condo at Park Tower and the 37th-floor condo at the Waldorf Astoria. Both were sold at a loss.
Specifically, Griffin sold the five-bedroom, 8,000-square-foot Park Tower at a 25% loss, getting only $11.2 million despite spending $15 million on the property in 2012. He also lost 23% when he sold the five-bedroom, 7,400-square-foot Waldorf Astoria home for $10.2 million in October despite paying $13.3 million on the unit in 2014, per The Real Deal.
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