Citadel’s Ken Griffin, the hedge fund billionaire who’s moving his family and business to Florida from Chicago, has a little unfinished business on the Gold Coast: A penthouse that he bought for a record $58 million.
Griffin bought the top four stories of 38-story No. 9 Walton, as well as a fifth, rooftop level with a pool, in late 2017, Crain’s reported. Little progress has been made on the 25,000-square-foot space between the purchase and this week, when Griffin announced his move, and it would cost about $25 million to make it livable.
Walton developer Jim Letchinger and Coldwell Banker agent Chezi Rafaeli told the outlet that they’re concerned Griffin’s exit will hurt the luxury housing market in Chicago — specifically the building itself, which is also home to Chicago Cubs right fielder Jason Heyward, Blackhawks captain Jonathan Toews and former Ferrara Candy CEO Todd Siwak.
“Ken Griffin did contribute tremendously to the feeling of exclusivity,” Rafaeli told the outlet. “The magnitude of the price of his penthouse made them feel comfortable spending $11 million or $12 million on condos there.”
Still, the fact that the space isn’t complete may work in its favor, because it may be easier to sell as individual floors rather than one large unit, Rafaeli said. Each floor could support its own kitchen and bathrooms, making it more feasible to split.
The first and second floors would probably be marketed individually and the third and fourth floors would be offered as a duplex with the pool and rooftop, Letchinger said. Demand is high, Rafaeli said. One condo that wasn’t listed publicly sold for $17.4 million and Letchinger sold his own condo there for $9 million.
Griffin, the state’s wealthiest resident, cited Chicago’s high crime rate among reasons for his departure.
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[CCB] — Victoria Pruitt