(Bloomberg) -- Billionaire Ken Griffin has found a buyer for one of his luxury properties in Chicago, after cutting the asking price to half of what he originally paid.
The Citadel founder’s penthouse at No. 9 Walton went under contract for an undisclosed amount, according to Zillow. The 7,500-square-foot (670-square-meter) unit on the 38th floor, a residence that Griffin never lived in and was marketed as unfinished, was listed for $11 million in July. If the deal closes at or near that price, it would mark a loss for Griffin, who paid roughly $21 million for the property in 2017, according to Cook County records.
“While the value of Ken’s properties in his former hometown may have declined, thankfully it is only a small loss compared to the appreciation he’s enjoyed on his property investments in Florida,” spokesman Zia Ahmed said in an emailed statement. Ahmed didn’t provide details about the terms of the deal.
Nancy Tassone, an agent with Jameson Sotheby’s International Realty who represents the property, declined to comment. The Chicago Tribune first reported the pending sale on Tuesday.
Griffin’s attempts to offload his Chicago real estate have faced challenges in a market where prices lag behind cities like Miami and New York. He previously sold properties in the Park Tower and Waldorf Astoria, each at losses exceeding $3 million. At No. 9 Walton, Griffin spent a total of nearly $59 million on the penthouse he’s now selling and three other units in the largest residential real estate transaction in Chicago’s history.
He later tried to unload two of those units but they were pulled off the market after unsuccessful attempts to sell.
Chicago’s luxury market has struggled in recent years as some of the city’s richest residents, including Griffin, have departed, opting for different neighborhoods or suburbs in Chicago or leaving for other major cities.
Griffin announced in mid-2022 that he was moving his family and Citadel’s headquarters to Miami in a multiyear process. In his new home city, he has spent about $300 million on residential purchases, including multiple properties on Star Island and a waterfront estate in Coconut Grove.
He is ranked 36th on the Bloomberg Billionaires Index, with an estimated net worth of $41.8 billion.
(Updates with Miami properties in eighth paragraph.)
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