B
illionaire hedge fund manager Ken Griffin has sold the top two floors of Chicago's No. 9 Walton condo tower for $19 million, marking a significant loss on his original purchase price of $34 million in 2017. This sale is part of Griffin's broader exodus from Chicago, following Citadel's headquarters relocation to Miami and previous sales of other properties.

    Griffin had initially planned to combine the units into a customized penthouse with luxury amenities, but the project was never completed, leaving the units as unfinished shells. The sale underscores the struggles of Chicago's luxury real estate market, which has seen declining values and a 9.1% drop in median prices for condos over $1 million.

    Griffin's criticism of Illinois' leadership has been clear, citing concerns over rising crime and ineffective policies. He has also expanded his real estate investments in cities like New York, Miami, and international locations, while decamping to Florida to build a new base for Citadel. Griffin's exit from Chicago comes as the city's luxury condo market continues to struggle.

    The sale of the No. 9 Walton penthouse is a notable example of Griffin's retreat from Chicago, following his recent sale of his Waldorf Astoria residence for $10.2 million – about $3 million less than he paid for it. Despite this, Griffin remains committed to expanding his real estate ventures in areas like Miami and Palm Beach, where they are thriving.