Jamie Dimon Sells Chicago Mansion After Slashing Price in Half

1It took three years and at least four price offerings, but JPMorgan Chase chairman and CEO Jamie Dimon has finally sold his four-story mansion on Chicago's Gold Coast, and for under $6.95 million -- less than half of its original list price.

The price on the 13,500-square-foot property, which first went on the market at $13.5 million in April 2007, was slashed to $10.5 million in 2009, then $9.5 million when a new agent came on board, reports AOL's Luxist. Its last price cut was to $6.95 million in late August.

The buyer is reported to be Michael Polsky, founder of closely held Invenergy LLC, a developer of large-scale energy generation facilities. According to Crain's Chicago Business, he will soon move into the Marvin Herman-renovated home.
Listing agent Janet Owen of Chicago-based Sudler Sotheby's International Realty, says she can't comment on the buyer or the seller, but about the house itself, she says, has a commanding presence. "Because it is on a corner, the house is flooded with light," she wrote in an e-mail to HousingWatch. "The outstanding provenance of the house, the architectural detail and the livability of the home are all important."

The 18-room home (with an address befitting a bank chairman: 25 E. Banks) has eight bedrooms, nine full baths, two half-baths, and a two-car garage. A grand staircase leads from the expansive foyer with its high ceiling and stately pillars to rooms with ornate crown molding and inlaid wood.

The master suite makes up the entire second floor, with family bedrooms on the third-level. The kitchen has a glazed butcher-block island, overhead storage, a wine vault and a black-and-white tiled floor. There is a large rooftop terrace, a gym with a domed ceiling, a media room that leads to the deck, and 2-bedrooms in the staff quarters, with a separate entrance; that's according to the listing details and photos, which can be seen on here on Luxist. (Notice the craftsmanship.)

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Originally built in 1880, one block from Lake Michigan and within walking distance of the shops along the Magnificent Mile, the home apparently sits on two lots, one of which is 34 x 116 and the other is 25 x 32, according to ChicagoNow. Property taxes are upward of $60,000 annually.

"The Gold Coast is thriving and is truly a wonderful place to live," says Owen.

Dimon, who moved to New York in 2004, bought the Chicago home in September 2000 for $4.68 million, presumably after he accepted the post of CEO of Bank One, which was based in Chicago before being bought by Chase.

As CEO of JPMorgan Chase, Dimon received a bonus of about $17 million in restricted stock and options for 2009, reported the Wall Street Journal. Dimon was paid $1 million in salary in 2008, but in 2007 his total compensation was $27.8 million, and $39.1 million in 2006.

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