Billionaire hedge fund manager Ken Griffin is taking a hit on his Chicago real estate portfolio as he offloads luxury properties in a market that’s giving him more headaches than returns.
Griffin, who has relocated both his family and Citadel headquarters to Miami, recently found a buyer for his unfinished penthouse at 9 West Walton.
The 38th-floor, paradise-in-the-planning was listed at $11 million — a humiliating half of what he forked over for it, back in 2017.
Griffin initially paid $21.2 million for the 7,500-square-foot top-floor unit, but now faces a loss of around $10 million if the deal closes at or near the current price.
The titan made headlines in 2018 for his four-floor, $58.5 million investment at the luxury tower in the city’s exclusive Gold Coast neighborhood — the biggest residential real estate deal in Chicago’s history.
The deep discount is only the latest hurdle for the erstwhile Windy Citian.
His attempts to sell other units in the tower have so far been unsuccessful. The luxury market in Chicago has been slow-moving, especially compared to hot markets like New York and Miami.
Two days after finding a buyer for his 38th-floor property, Griffin put his 37th-floor unit on the market for $9 million — well below the $12.7 million he shelled out for it in 2018, according to The Real Deal.
Griffin’s previously lost $6.9 million on two other local properties — located at the Waldorf Astoria Chicago and 800 N. Michigan, also known as Park Tower, home to the Park Hyatt Chicago.
As Griffin’s Chicago property woes continue, things are looking better in his new home, according to a spokesperson.
“While the value of Ken’s properties in his former hometown may have declined, thankfully it is only a small loss compared to the appreciation he’s enjoyed on his property investments in Florida,” Zia Ahmed told Bloomberg.
Despite the setbacks, Griffin, whose fortune is valued at a staggering $43 billion, is far from crying over spilled milk.
He’s been aggressively investing in Miami, dropping around $300…
Read More: Ken Griffin sells Chicago penthouse for $11M — half of what he paid
