Florida
Ken Griffin's move to Florida means losing millions on homes he never even lived in
- Ken Griffin’s Chicago penthouse — listed for $10 million less than he paid for it — has a buyer.
- A representative for Griffin said that his real-estate investments in Florida make up for the loss.
- Like Griffin, other wealthy residents have left Chicago, due in part to hefty taxes and crime rates.
Ken Griffin, the billionaire founder of hedge fund Citadel, has found a buyer for his penthouse in Chicago.
The six-bedroom apartment at luxury condo building No. 9 Walton, in the wealthy Gold Coast neighborhood near Lake Michigan, is in contract for an undisclosed amount but was last priced at $11 million, according to its Zillow listing.
The 7,500-square-foot property went on the market in July for $11 million — $10 million less than the $21 million Cook County records show Griffin shelled out for it in 2017.
Listing photos show the penthouse, which comes with a private rooftop pool, is unfinished. He has also never lived there.
The move comes as Griffin moves both Citadel and his own personal residence to South Florida.
A spokesperson for Griffin told Bloomberg that the loss is a minor setback in the context of his other real-estate purchases.
“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, a spokesperson for Citadel, said.
Griffin spent about $169 million on properties in Miami’s exclusive Star Island neighborhood between 2020 and 2023. In 2022, he spent over $100 million on two bayfront houses in Coconut Grove, another affluent Miami area. He has also amassed 27 acres in Palm Beach over a decade for about $450 million.
Griffin and the listing agents for the Chicago penthouse did not respond to requests for comment sent by Business Insider.
Brokers said Chicago’s luxury real-estate market has flagged
The relatively lower sale price is somewhat unsurprising, according to Chicago-area real-estate agents.
Broker Michael LaFido said super-prime properties, which he described as $10 million or more, are a rarity in Chicagoland. In 2023, he added, only four properties sold for that amount.
Meanwhile, in Miami, 55 properties over $10 million were sold in the second quarter of 2024 alone, according to real-estate consulting company Knight Frank’s global report on super-prime properties.
According to Rafael Murillo, a Compass agent in Chicago, properties that cost eight figures are not a regular occurrence.
“We’re just a much more affordable luxury market compared to Miami or New York,” he said.
Murillo also cited another luxury property that sold at a loss this year: a 6,100-square-foot condo in the city’s St. Regis tower that was purchased for $8.2 million in 2021 and sold for $7 million in April.
Marquee listings in the suburbs have also seen price cuts. Basketball star Michael Jordan’s mansion in Highland Park finally sold in September after going on the market in 2012, per its Zillow listing. Jordan listed the property for $29 million in 2012. It was most recently priced at $14.9 million.
Other wealthy homeowners are selling their Chicago properties
Griffin is one of several wealthy Chicago homeowners offloading their luxury properties at a loss this year, Bloomberg reported in March.
It said the city’s high taxes, crime rates, and the introduction of a “mansion tax” on properties sold for over $1 million have driven many of Chicago’s richest residents to sell and relocate to other cities, including Miami and New York.
In 2017, Griffin purchased the Chicago penthouse, along with three other units in the same building, for a total of almost $59 million — the biggest real-estate purchase in the city’s history, the Chicago Tribune reported.
Griffin put another unfinished penthouse in the building on the market for $9 million on Wednesday; it was listed on Zillow as contingent, or in contract, on Friday. He paid $12.7 million for it. If it sells for its full asking price, it will be a more modest loss, relatively speaking: $3.7 million.
The other two units in the record-breaking buy are also up for sale.
A lot of wealthy residents first fled Chicago to its suburbs during COVID, then left Illinois altogether, LaFido told BI.
He said that many ultrawealthy homebuyers, who can afford a property over $10 million, aren’t in Chicago anymore — leaving sellers like Griffin to take the financial hit.
“If you’re going to build something $5 million or more in Chicago,” LaFido said, “you’re going to take a loss.”
Florida
South Florida faith leaders call for Miami mental health center to finally open
Florida
SNAP benefits will be changing in Florida starting Monday
TAMPA, Fla – New SNAP restrictions will start Monday in Florida.
What we know:
These changes will ban the purchase of many sugary sodas, energy drinks, candy and ultra-processed, shelf-stable prepared desserts.
Hunger Free America, an advocacy group, is against these restrictions.
Joel Berg, the CEO, said some regulation is a good thing, but he wants to see it support access to healthy foods as a choice.
“We do support mandates to mandate that healthier food is available in stores that do accept SNAP,” Berg said. “So, it makes a lot more sense to make it easier to get healthier food.”
Berg said these restrictions are unnecessary in achieving a healthier America.
“We should make America healthier again by making healthy food more affordable, convenient and physically available,” Berg said. “We shouldn’t micromanage the eating patterns of adults to try to achieve that goal.”
The other side:
This is part of the Make America Healthy Again initiative.
U.S. Secretary of Agriculture Brooke Rollins said, “Under the MAHA initiative, we are taking bold, historic steps to reverse the chronic disease epidemic that has taken root in this country for far too long.”
What they’re saying:
Berg said that these changes, on top of cuts to the program nationwide, will increase hunger.
“It’s not that low-income Americans don’t want healthier food; it’s that they can’t afford healthier food,” Berg said.
This coincides with the announcement that there will be cuts to WIC, the Special Supplemental Nutrition Program for Women, Infants and Children, which supplies food to mothers and young children.
“President Trump’s budget just announced that he’s proposing taking away fruits and vegetables from the WIC program for pregnant women and children under five,” Berg said. “So, they’re taking away healthier food.”
The WIC cuts would take away $1.4 billion in fruit and vegetable benefits from 5.4 million people.
Big picture view:
The SNAP changes come as part of the MAHA movement and include more than 20 other states that will implement changes over the next two years.
The Source: Information in this story comes from WIC, SNAP and interviews done by Fox 13’s Danielle Zulkosky.
Florida
GALLERY: Barrett-Jackson ‘Super Saturday’ takes over South Florida Fairgrounds
WEST PALM BEACH, Fla. (CBS12) — The engines are revving for one final day of high-stakes bidding and family fun at the South Florida Fairgrounds.
Barrett-Jackson’s Palm Beach auction reaches its grand finale today with an action-packed “Super Saturday” lineup, promising to close out the weekend with a full slate of collector car sales, live entertainment, and fan attractions.
“Super Saturday,” presented by Seminole Casino Coconut Creek, officially kicks off at 8 a.m. when gates, food courts, and the exhibitor marketplace open to the public.
What to expect
- 8:00 a.m. – 11:00 a.m.: The Fantasy Bid presented by Dodge begins early, running in tandem with the automobilia auction in the arena.
- 9:00 a.m. – 5:00 p.m.: Thrill-seekers can catch Dodge thrill rides on the Barrett-Jackson Performance Track.
- 10:00 a.m.: New amenities open to the public, including the Stella Artois, Staging Lanes, and Food Court patios, which offer shaded seating and auction views.
- 10:45 a.m.: The national anthem will be performed in the auction arena, signaling the start of the main collector car auction at 11 a.m.
- Afternoon Entertainment: DJ sets run from noon to 5 p.m. across the various patios, and a detailing clinic by Adam’s Polishes is scheduled for 2 p.m. near the South Showcase.
For those unable to attend, the whole event will be livestreamed throughout the day on the Barrett-Jackson website and the HISTORY channel from 11 a.m. to 6 p.m.
Today’s finale comes on the heels of a high-energy Friday that saw significant sales and notable celebrity interest.
Star power was evident throughout the day, particularly with vehicles tied to the Busch family. A 1957 Ford Thunderbird Convertible owned by Samantha Busch and a 1969 Oldsmobile 442 Custom Coupe were among the day’s heavy hitters, each fetching $159,500. Kyle Busch’s 1956 Chevrolet Bel Air Custom Coupe also drew a strong bid, selling for $143,000.
Other Friday highlights included:
- 1968 Ford Mustang Eleanor Replica: $137,500
- 2004 Dodge Viper SRT-10 Mamba Edition: $132,000
- 1972 Chevrolet K5 Blazer Custom SUV: $126,500
- 1957 Ford Thunderbird Custom Convertible: $121,000
BE THE FIRST TO COMMENT
With a festival-style atmosphere and high-profile sales driving momentum, organizers expect a busy crowd for the final push at the auction block today.
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