Chicago Mansion Goes for Half Its Original Price

September 22, 2010

Sometimes you have to lower the asking price of your home in order to sell it, especially if your home is the most expensive piece of Chicago real estate on the market.

Jamie Dimon, CEO of JPMorgan Chase & Co., first listed his Gold Coast mansion, at 25 E. Banks St. in Chicago, in 2007 for $13.5 million, making it the most expensive home on the market in Chicago.

Then he went through a series of price drops.

First, the asking price was lowered to $10.5 million, then $9.5 million, then $8.5 million, then, on August 31, to $6.95 million.

From $13.5 million to $6.95 million. That’s quite a drop, and it did the trick.

About three weeks after that final price decrease, Crain’s reports that Dimon’s 13,500-square-foot mansion was placed under contract on Tuesday.

Built in 1880, the three-story home has eight bedrooms, nine full baths, two half baths, two kitchens, a master suite that takes up the entire second floor, a wine vault, a gym, a library, a great room/media room, two fireplaces and a fantastic rooftop terrace.

The 18-room home is located on a double lot about a block from Lake Michigan.

Dimon, 54, who lives in New York now, will still make out on his Chicago real estate deal: He paid $4.68 million for the Gold Coast home in 2000.

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[…] Occupy Chicago was born out of a much bigger movement called Occupy Wall Street, in which thousands of protesters have been camped out in New York’s Financial District for almost a month. There is word that protesters are going to march to the homes of local millionaire executives, including JPMorgan Chase CEO Jamie Dimon, who used to own Chicago real estate. […]

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