K
en Griffin's Chicago real estate portfolio continues to shrink. The billionaire hedge fund manager has sold two unfinished floors at No. 9 Walton in the Gold Coast, marking another loss in his Chicago holdings. According to Crain's, the two floors were sold to an undisclosed buyer for a combined $19 million, with the 37th floor fetching $9 million and the 38th floor selling for $10 million.

    The sale represents a significant loss for Griffin, who purchased the floors in 2017 for $33.65 million, resulting in a $14.65 million loss. The 38th floor's private rooftop pool was a major draw, selling for $1,200 per square foot. This sale is also notable as it surpasses this year's priciest residential purchase in Chicago, a Lincoln Park mansion that sold for $15.25 million.

    Griffin's divestment at No. 9 Walton continues his trend of luxury residential sales since moving to Florida. He has also taken losses on other properties, including a $3.8 million loss on his 66th floor condo at Park Tower and a $1.8 million loss on his 37th-floor condo at the Waldorf Astoria. His cumulative losses now exceed $21.5 million.

    This price depreciation is not unique to Griffin's holdings, as Chicago's high-end real estate market is experiencing declining valuations due to economic pressures and shifting demand. A downtown condo recently sold for $900,000, a notable drop from its 1989 sale price of $1.1 million. Other luxury properties are also seeing reduced prices, including billionaire Michael Krasny's 50th floor condo at Park Tower, which was reduced from $9.8 million to $6.9 million.

    Nancy Tassone and Emily Sachs Wong represented Griffin in the sale, while Katherine Malkin of Compass represented the buyer.