A former GGP executive sold his Gold Coast condo for a fraction of what he originally hoped to get for it.
Bernard Freibaum and his wife, Carol, dealt the condo at 65 East Goethe Street for $4.5 million, less than half the $9.1 million they sought in January 2016, according to Crain’s.
Bernard Freibaum was chief financial officer of GGP from 1993 to 2008.
Cook County records don’t say what the couple paid for the three-bedroom, 6,200-square-foot condo or when they bought it. Records show a $7 million mortgage on the property from 2008.
Phil Skowron of @properties had the listing. Public records doesn’t yet identify the buyer, who was represented by Katherine Malkin of Compass.
The Chicago-area’s ultra luxury market had a record-breaking year in 2018, notching more sales of $4 million or more than ever before. But overall luxury home sales of $1 million or more have plummeted so far this year. [Crain’s] — John O’Brien