Billionaire Ken Griffin wants to get out of Chicago quick sells record-breaking penthouse for a 44% loss
Billionaire hedge fund mogul Ken Griffin is continuing his exodus from Chicago with the sale of his luxury penthouse at the No.9 Walton condo tower, taking a staggering 44% loss on the deal.
Griffin offloaded the top two floors — the 38th and 39th levels — of the prestigious building for $19 million, well below the $34 million he paid in 2017, Crain’s reported.This significant markdown underscores the struggles of Chicago’s luxury real estate market and the broader economic consequences of what many, including Griffin himself, consider failed city governance.
Griffin’s investment in No.9 Walton once represented the peak of Chicago’s high-end property boom.
In 2017, he made waves by purchasing four units inside for $58.75 million, setting a city record in the process — one of multiple real-estate records he’s broken.He also made a deal with the developer to enlarge the penthouse.
Griffin planned to combine these units into a customized, multi-floor aerie with 15,000 square feet of interior space, four terraces and a rooftop deck complete with a pool.However, his project was never completed, and the units remain unfinished shells.
The two other floors in the building remain unsold.This sale is the latest in a string of moves that signal Griffin’s retreat from Chicago, which included recently selling his Waldorf Astoria residence for $10.2 million — about $3 million less than he paid for it.His criticism of Illinois’ leadership has been clear, citing concerns over rising crime and ineffective policies.“The precipitous decline in the value of Chicago real estate represents just a small portion of the cost of us having elected poor political leaders,” Griffin told The Post.
This all comes as Griffin has decamped to his native Florida, where he’s building a new base for Citadel.The financial titan’s eyes are set on areas like Miami and Palm Beach, where his real estate ventures are thriving.
Griffin’s exit comes as Chicago’s luxury...