We like to think we might have helped JP Morgan CEO Jamie Dimon finally sell his mansion on Chicago's Gold Coast. After all, since we posted it as our
estate of the day back in July there's been a flurry of attention about the lavish home and now after years on the market it has finally sold. Th
e Wall Street Journal's Developments blog reports that after a nearly 50 percent price drop the eight-bedroom home the mansion sold for an undisclosed price. The WSJ quotes listing agent Janice Owen as saying the unnamed buyer "saw that it was priced correctly and he went for it." Indeed it does seem that he got a bit of a deal, the mansion was priced at $13.5 million in 2007. It was most recently listed for $6.95 million. Dimon paid $4.68 million back in 2000 but hasn't lived in the home in recent years.
The eight-bedroom home was built in 1870 but has been lavishly adapted for the modern executive. The home is spread out over four stories and includes a 900-square-foot rooftop terrace outfitted with ample seating in both sun and shade. There is a second floor master suite, wine vault, an elegant gold and eggplant media room and gym decorated with sports memorabilia and crowned with a starry dome.
Our next Chicago real estate mission: helping gum exec. Bill Wrigley Jr.
sell off his raw space penthouse, still at $14 million making it the tops of the Chicago market.
Reader Comments (Page 1 of 1)
ThinkUp70 Sep 23rd 2010 3:39PM
He paid 4.68 and sold it for 6.95, so he made money on it. The trouble with people over the past 10 years, is that they didn't care how much a home cost, they just wanted what they wanted, but now they don't like what they got.
liguy Sep 23rd 2010 3:54PM
I have been a Realtor for 25 years, this sale just means that this home was overpriced to begin with, and now that it has sold, obviously the last asking price was the right number. Any property will sell if it is priced to correctly reflect the market. A home's value has nothing to do with what the seller paid for it, what they owe on it, or what their neighbor sold their home for. It is worth what the current market dictates by a ready, willing, and able buyer. If a home is underpriced it will usually generate multiple bids, even in a bad market. I usually recommend to my sellers that for every 30 days a home stays on the market, that they adjust the price downward by 5%. This formula generally produces a sale in a reasonable amount of time.
john bruno Sep 23rd 2010 4:18PM
Wow....what an ugly home.
Shows you that you can have lots of money and no taste at all.
I'm a Chicagoan.
At $6 million....it is still overpriced.
mike Sep 23rd 2010 5:32PM
HA.. welcome to the real world!
mike Sep 23rd 2010 5:33PM
HA! Welcome to the real world.
Bobby Sep 23rd 2010 6:50PM
There's some very nice craftsmanship in that house & it seems to me the buyer got a deal. Dimon probably got tired of paying the excessive upkeep & property taxes & it was time to move on. The home was built by artisans who cared..