B
illionaire Ken Griffin has found a buyer for his Chicago penthouse, which was listed for $11 million. The six-bedroom apartment at luxury condo building No. 9 Walton is in contract, but the sale price remains undisclosed. Griffin purchased the property in 2017 for $21 million, making this a loss of $10 million.

    Griffin's real-estate investments in Florida are expected to offset the loss. His spokesperson said that while the value of his Chicago properties may have declined, it is a small loss compared to the appreciation he has enjoyed on his Florida property investments. Griffin has spent over $169 million on properties in Miami's exclusive Star Island neighborhood and amassed 27 acres in Palm Beach for about $450 million.

    Chicago's luxury real-estate market has been struggling, with only four super-prime properties selling for over $10 million in 2023. In contrast, 55 such properties were sold in Miami alone in the second quarter of 2024. Real-estate agents attribute this to Chicago being a more affordable luxury market compared to Miami or New York.

    Griffin is not an isolated case; several wealthy homeowners are selling their Chicago properties at a loss due to high taxes, crime rates, and the introduction of a "mansion tax" on properties sold for over $1 million. Other notable sales include Michael Jordan's mansion in Highland Park, which was listed for $29 million in 2012 but finally sold for $14.9 million this year.

    Griffin's decision to sell his Chicago penthouse comes as he relocates both Citadel and his personal residence to South Florida. He has also put another unfinished penthouse in the same building on the market for $9 million, which is contingent on sale.