Billionaire hedge fund tycoon Ken Griffin is continuing his exodus from Chicago with the sale of his luxury apartment at No. 9 Walton condo tower, taking a staggering 44% loss on the deal.
Griffin unloaded the top two floors — the 38th and 39th levels — of the prestigious building for $19 million, well below the $34 million he paid in 2017, Crain’s reported.
This significant decline underscores the struggles of Chicago’s luxury real estate market and the broader economic consequences of what many, including Griffin himself, consider the city’s failed governance. Griffin’s investment in No. 9 Walton once represented the height of Chicago’s high-rise real estate boom.
In 2017, he made a splash by buying four units inside for $58.75 million, setting a city record in the process — one of many real estate records he’s broken. He also made a deal with the developer to expand the penthouse. Griffin planned to combine these units into a custom, multi-story loft with 15,000 square feet of interior space, four terraces and a roof deck complete with a pool.
However, his project was never completed, and the units remain unfinished shells. The other two floors of the building remain unsold.
The sale is the latest in a string of moves signaling Griffin’s retreat from Chicago, which included the recent sale of his Waldorf Astoria mansion for $10.2 million — about $3 million less than he paid for it.
His criticism of Illinois leadership has been clear, citing concerns about rising crime and ineffective policies.
“The precipitous decline in Chicago real estate values represents only a small part of the cost that we have elected poor political leaders,” Griffin told The Post.
All this comes after Griffin has decamped to his native Florida, where he is building a new base for Citadel.
The financial titan’s eyes are on areas like Miami and Palm Beach, where his real estate ventures are booming.
Griffin’s exit comes as Chicago’s luxury apartment market struggles; a recent report from @properties revealed a 9.1% drop in the median price for condos over $1 million.
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