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- Ken Griffin’s Chicago penthouse has secured a buyer, listed at $10 million less than its purchase price.
- A representative for Griffin stated that his investments in Florida offset this financial loss.
- Similar to Griffin, many affluent individuals are departing from Chicago due to high taxes and rising crime rates.
Billionaire Ken Griffin, who established the hedge fund Citadel, has successfully found a buyer for his penthouse in Chicago.
The six-bedroom residence located in the upscale No. 9 Walton condominium within the affluent Gold Coast area near Lake Michigan is currently under contract for an undisclosed amount but was last listed at $11 million according to its
Zillow page.
This expansive 7,500-square-foot unit hit the market in July with an asking price of $11 million—$10 million less than what Cook County records indicate he paid back in 2017.
Photos from the listing reveal that while it features a private rooftop pool, the penthouse remains unfinished and has never been occupied by Griffin himself.
This sale coincides with Griffin’s decision to relocate both Citadel and his personal residence to South Florida.
A spokesperson for him informed
Bloomberg that this loss represents only a minor setback when viewed against his broader real estate portfolio. “Although property values have dipped in Ken’s previous hometown,” said Zia Ahmed of Citadel, “this decline is minimal compared to the significant appreciation he’s experienced with properties in Florida.”
Between 2020 and 2023 alone, Griffin invested approximately $169 million on various properties within Miami’s exclusive Star Island neighborhood. In addition, he spent over $100 million acquiring two waterfront homes in Coconut Grove during 2022. Over ten years, he has accumulated around 27 acres of land in Palm Beach at an estimated cost of about $450 million.
Challenges Facing Chicago’s Luxury Real Estate Market
The relatively low sale price of Griffin’s penthouse aligns with trends observed by local real estate professionals regarding luxury property sales.
Brokers like Michael LaFido note that super-prime listings—defined as those priced above $10 million—are exceedingly rare within Chicagoland; only four such transactions occurred throughout all of 2023. In stark contrast, Miami saw over 55 sales exceeding this threshold just during Q2 of 2024 according to research from
Knight Frank’s global report on super-prime properties.
Rafael Murillo from Compass emphasized that eight-figure listings are not commonplace: “Our luxury market offers more affordability compared to cities like Miami or New York,” he remarked. He also referenced another high-end condo sold at a loss earlier this year—a St. Regis tower unit purchased for $8.2 million which sold for just $7 million last April.
< h2 id='wealthy-homeowners-leaving-chicago'>Exodus Among Affluent Homeowners From Chicago
Kenneth Griffin isn’t alone; numerous wealthy homeowners are selling their luxurious residences at losses across Chicago this year as reported by Bloomberg back in March.
The city’s burdensome taxes coupled with escalating crime rates have prompted many elite residents—including those affected by new mansion taxes on homes valued over one million dollars—to seek refuge elsewhere including cities like Miami and New York City.
In fact , when purchasing his penthouse along with three other units back in2017 ,Griffin made history by spending nearly$59million—the largest real estate transaction ever recorded withinChicagoaccordingto reportsfromtheChicagoTribune .< /P >
Recently ,he placed another unfinished unit upfor saleat$9million ;itwaslistedascontingentonZillowbyFridayafterheacquireditfor$12 .7million .Shoulditfetchitsfullaskingprice ,thelosswouldbe comparatively modestataround$3 .7million .Theotherunitsfromhisrecord-breakingpurchasearealsoonthemarket now.< /P >
Many affluent residents initially migrated from downtownChicagointoits suburbsduringtheCOVID pandemic before ultimately leavingIllinois entirely ,LaFido noted.< /P >
He addedthatultrawealthy buyers capableofaffordingpropertiesover$10millionarenow scarceinChicagoleaving sellerslikeGriffintobearfinancialburdens.”If you’re planningto buildsomethingvaluedat5millionormorehere,you’lllikelyincur aloss ,”LaFido concluded.< /P >
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