Billionaire Ken Griffin wants out of Chicago fast – sells record penthouse for 44% loss

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Billionaire hedge fund tycoon Ken Griffin is continuing his exodus from Chicago with the sale of his luxury apartment at No. 9 Walton condo tower, taking a staggering 44% loss on the deal.

Griffin unloaded 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 decline underscores the struggles of Chicago’s luxury real estate market and the broader economic consequences of what many, including Griffin himself, consider the city’s failed governance. Griffin’s investment in No. 9 Walton once represented the height of Chicago’s high-rise real estate boom.

Billionaire hedge fund manager Ken Griffin has sold the top two floors of Chicago’s No. 9 Walton apartment tower for $19 million, marking a 44% loss from its 2017 purchase price of over $34 million. Positive Image Inc.
The sale is part of Griffin’s broader move to distance itself from Chicago, following the announcement of moving Citadel’s headquarters to Miami in 2022 and previous sales of other properties, including a unit at the Waldorf Astoria. Positive Image Inc.
No. The 9-unit Walton, comprising 15,000 square feet and luxury amenities, remains unfinished and was originally intended as a custom under-the-roof project that never materialized. Positive Image Inc.

In 2017, he made a splash by buying four units inside for $58.75 million, setting a city record in the process — one of many real estate records he’s broken. He also made a deal with the developer to expand the penthouse. Griffin planned to combine these units into a custom, multi-story loft with 15,000 square feet of interior space, four terraces and a roof deck complete with a pool.

However, his project was never completed, and the units remain unfinished shells. The other two floors of the building remain unsold.

The sale is the latest in a string of moves signaling Griffin’s retreat from Chicago, which included the recent sale of his Waldorf Astoria mansion for $10.2 million — about $3 million less than he paid for it.

His criticism of Illinois leadership has been clear, citing concerns about rising crime and ineffective policies.

“The precipitous decline in Chicago real estate values ​​represents only a small part of the cost that we have elected poor political leaders,” Griffin told The Post.

Griffin’s sale comes amid falling values ​​in Chicago’s luxury apartment market and his criticism of Illinois’ political leadership on crime and violence. Google Maps
The rooftop units boast a swimming pool that remains unfinished. Positive Image Inc.
Despite this, Griffin has continued to expand his real estate investments in cities such as New York, Miami and international locations. TNS

All this comes after Griffin has decamped to his native Florida, where he is building a new base for Citadel.

The financial titan’s eyes are on areas like Miami and Palm Beach, where his real estate ventures are booming.

Griffin’s exit comes as Chicago’s luxury apartment market struggles; a recent report from @properties revealed a 9.1% drop in the median price for condos over $1 million.

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Image Source : nypost.com

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