Billionaire Pat Ryan Takes Loss on Chicago Condo Sale

In the world of high-end Chicago real estate, even the giants feel the pinch.

Billionaire philanthropist Pat Ryan and his wife, Shirley, have sold one of their two condos in the Four Seasons Hotel Chicago to an undisclosed buyer for $1.3 million, the Chicago Tribune reported. The price is about $475 per square foot.

The sale represents a 32 percent loss for the Ryans, who paid $1.9 million ($695 per square foot) for the Gold Coast condo in 1989. Michael Maier of Berkshire Hathaway HomeServices Chicago was the listing agent for the 62nd-floor unit.

The 2,700-square-foot condo, at 900 North Michigan Avenue, has three bedrooms, three bathrooms, 11-foot ceilings and a southeast-facing view of Lake Michigan and the Michigan Avenue skyline.

This marks the latest condo sale to result in a financial loss for the buyer in Chicago. Billionaire Ken Griffin sold his two unfinished condo floors at No. 9 Walton, where he incurred a $15 million loss last month. Chicago’s declining luxury condo valuations are not isolated, as other high-end properties, such as Michael Krasny’s Gold Coast condo, have also depreciated.

The Ryans also own the three-bedroom, 4,300-square-foot unit next door, which they purchased in 2018 for $4.4 million. The unsold unit, which has been on the market since Nov. 20, is listed for $2.3 million, or $531 per square foot.

Their other real estate holdings include a 15,200-square-foot mansion in Winnetka and a lakefront estate in Lake Geneva, Wisconsin.

Pat Ryan, who founded Aon Corporation and Ryan Specialty Group, wields significant influence in the insurance industry and at his alma mater, Northwestern University, where he is involved with the school’s athletic programs.

The Ryans support various charitable causes, notably the Shirley Ryan AbilityLab, a research and rehabilitation facility.

— Andrew Terrell