Mexican billionaire Germán Larrea Mota-Velasco listed his condo in the Ritz-Carlton Residences, hoping the Chicago-area luxury market still has legs.
The mining magnate is selling the 38th floor unit at 118 East Erie Street for $8 million, according to Crain’s.
The majority owner of mining company Grupo Mexico bought the 3,500-square-foot condo in 2014 for $3.6 million. Forbes pegs his current net worth at more than $14 billion.
Dream Town Realty’s Rachel Vecchio has the listing.
The Chicago-area luxury market was on a record hot streak in 2018 before plummeting in the fourth quarter, raising fears a slowdown had started.
Still, 2018 had a record number of home sales of $4 million or more. And in June, a stripped-to-the-wires 6,600-square-foot penthouse on the 39th floor of the Ritz-Carlton Residences sold for $8 million. [Crain’s] — John O’Brien