Real Estate
Ultra-Wealthy Are Souring on Chicago’s Most Elite Neighborhood
- Billionaires were already selling Gold Coast homes at a loss
- New measure seeks to raise tax on $1 million plus sales
When Ken Griffin left Chicago, the billionaire listed several of his high-end properties in the Gold Coast, the city’s most exclusive neighborhood.
Two years later and he’s sold one in Park Tower, a skyscraper on the Magnificent Mile, and one at the Waldorf Astoria at a loss of more than $3 million each. At No. 9 Walton, where he paid almost $59 million for four units in the biggest residential real estate deal in the city’s history, he put two apartments up for sale before pulling the listings.