B
illionaire Ken Griffin has sold one of his luxury properties in Chicago, after slashing the asking price to half of what he originally paid for it. The Citadel founder's penthouse at No. 9 Walton went under contract for an undisclosed amount, according to Zillow. Listed for $11 million in July, the 7,500-square-foot unit on the 38th floor was marketed as unfinished and had been owned by Griffin since 2017, when he paid roughly $21 million for it.

    Griffin's attempts to offload his Chicago real estate have faced challenges due to a market where prices lag behind cities like Miami and New York. He previously sold properties in the Park Tower and Waldorf Astoria at losses exceeding $3 million each. At No. 9 Walton, Griffin spent 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.

    Griffin announced in mid-2022 that he was moving his family and Citadel's headquarters to Miami as part of 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. Griffin is ranked 36th on the Bloomberg Billionaires Index, with an estimated net worth of $41.8 billion.

    A spokesman for Griffin said that while the value of his Chicago properties may have declined, it's only a small loss compared to the appreciation he's enjoyed on his property investments in Florida. The terms of the deal were not disclosed, and Nancy Tassone, an agent with Jameson Sotheby's International Realty who represents the property, declined to comment.