The $14 Million Chicago Condo: 65 E. Goethe in the Gold Coast
Since everyone else has been talking about it, we will too.
Both Crain’s and the Chicago Tribune have had stories on the penthouse condo that just came on the market at 65 E. Goethe in the Gold Coast for $14 million.
It’s the most expensive property on the market within the city limits and dwarfs the next closest condo by $6 million (if you exclude penthouse units at Trump, which aren’t “on” the market.) The closest single family home is around $10 million.
The condo is owned by billionaire William Wrigley Jr.
Unfortunately for him, he’s never lived in it. It is still raw space.
From the Tribune’s Elite Street column:
He purchased the penthouse, which is three units combined into one, in 2002 for $9,775,000. Twice since buying it, Wrigley resolved to build out the space, but both times changed his mind, said his listing agent, Jim Kinney of Baird & Warner.
Wrigley, 46, now has decided to sell the penthouse, and his Goethe LLC company, which owns it, listed it on Oct. 21.
The penthouse includes two 1,500-square-foot outdoor spaces on the roof, plus six garage spaces, Kinney said. In addition, Wrigley is including architectural drawings that he commissioned for the space in the asking price.
“We would prefer to sell it to one person, but we have had a couple of people come forward and say, ‘I’m interested in the space, but I don’t need all of it,’ ” Kinney said. “Bill doesn’t want to sell it piecemeal. If we had two people who wanted to buy it and split it, we would do that.”
Kinney pointed out how rare it is to find so much square footage on one floor in the Gold Coast, plus outdoor spaces and parking.
“And it’s such a prestigious building,” Kinney said. “It’s sort of a Who’s Who of Chicago that lives there. It’s a matter of the right timing to get the right match.”
Any guesses as to how long this will take to sell?
Jim Kinney at Baird & Warner has the listing. See the pictures here.
Unit #8WNE: 12,000 square feet, 3,000 square feet of terrace, 6 garage spaces
- Sold in 2002 for $9.75 million
- Currently listed for $14 million
- Assessments of $11,365 a month (includes water and doorman)
- Taxes of $28,086
Wrigley chairman’s Gold Coast penthouse listing is city’s most expensive [Chicago Tribune, Bob Goldsborough, Nov 8, 2009]
Someone needs to make some serious FU money and has to a be Chicagoan. I’ll call that a once per decade event.
He’s asking over $1,000/sq. ft. for RAW interior space. I’m sure someone else has the foolishness to pay that, but I thought Oprah was heading to California.
Another realtor who can’t be bothered to do their job. For $14M, I expect the virtual tour to do more than zoom in on the still photos.
The B&W website claims that you only need $2.6M of income to afford the place. Plenty of Chicagoans in that income range.
I’d also question the claims of “Waterfront” as a feature and “Lake Front” to describe the lot. Not only is it west of LSD (12 lanes), it is also behind the SFHs around 1250-1300 LSD and across Stone.
The realtor could make a big deal of the lake view — the building is a block off of LSD, but the view is not blocked and is fairly well protected. Buying up all the SFH lots would probably be prohibitively expensive (and they are probably protected).
The picture used in the Sunday Trib showed this place far better than any of the realtor’s photos.
The math on ownership on this property is totally wrong. I would conservatively say you need a liquid $100MM net worth to want to buy this.
$14M for this unfinished place; I want some of that fine Lake Geneva weed that Mr. Wrigley has been smoking.
$100MM in assets probably gives you a very good shot of making that income number. My point is it’s not about income but about assets. Some trader yahoo that has a single good year cannot afford this place. You need to string together a couple of decades.
Good point Dan. This is the most expensive property listing in City limits, and it is still unfinished. How kind of Wrigley to include his architectural drawings with the sale.
I live next door and walk by this building everyday, It is an amazing lux building… The Crowne family lives here as well. It really is a who’s who. But I say who cares – you will never see your neighbors except maybe in the underground garage on the way in and out.
It will sell when the market recovers for in a few years as 2 spaces for $5M each.
If i am spending this kind of $$$ on raw space, i wouldnt want mr. wrigley’s plans. i would come in with my own superstar architect and designer.
for me @ 14mil i want my own private beach or at least my own private parking garage. well maybe i want a shared garage so i can show off my car collection.
The realtors and Mr. Wrigley have been smoking the crack pipe. 14 million finished with gold trim everywhere is crazy let a lone raw space! As I said before there’s no place in Chicago worth $1000 a sqft, this isn’t manhattan or the UES, get a grip!
If i was someone who was in the market for this, which I’m not and will probably never be unless I win the megamillions, I wouldn’t pay over $500 a sqft for this unfinished space.
I love all of LaGrange’s Gold Coast buildings but besides the Park Hyatt they were all built during the bubble. What makes Wrigley feel he deserves a 5M profit for raw space?! I wonder how long that place will marinate on the Market.
Can I get FHA for this?
Don’t tell me that I’m the only one thinking about putting in an offer on this place. I say we pool our resources and turn it into an SRO. I have a couple of extra faucets, some sheetrock and a few spare appliances laying around, let’s make it a weekend project. Better yet, anyone familiar with the squatter laws are in IL?
Let me exhale and put my bong away. Nice place, but I’m with everyone else. Given the price per square ft., not to mention the economy, the cost of a build-out and the number of people in Chicago who can afford this joint, I’m thinking these are some optimistic sellers. If nothing else, it got them some free press.
Maybe he thinks he can can sell the place to Mars / Buffet just like with his company. That traded at a hefty price too.
I wonder if its just a marketing gimick, Its get’s it out in the papers and online and atracts someone who will come along with plans to subdivide and it quietly sells for signifigantly less
Obviously Wrigley has never lived in the real world like the rest of us. The rich ARE different.
“Obviously Wrigley has never lived in the real world like the rest of us. The rich ARE different.”
I hate rich cheapskates more than just about anything. Like guys worth 10 million+ who haggle over something that costs $5 and tip $1 bills to people that deserve more.
Hes spent over a million in assessments for a space hes probably stepped foot in a dozen times for five minutes. Agreed the rich are different.
12,000 SF and not one room over 20′ wide.
WAY too many columns in this place.
Is the developed roof area on the north (check aerial) a common roof area?
i’m with dave. we can turn the place into cubicle living, like this:
http://www.villagevoice.com/2009-11-03/news/the-strangest-landlord-tenant-relationship-in-town/
Does anyone else find it odd that the listing denotes room sizes, and number of BR’s and baths, when it’s being sold as raw space? I could understand if they say “up to 7 BR and 6 baths”. I agree with the general sentiment that this won’t sell quickly, and won’t go near the ask price. Also, though it’s unique to have 4 views, terraces and lake view and be only 8 floors up, the pictures make this place seem surprisingly dark–due to windows not being floor to ceiling, ceiling height not being particularly grand, etc. I don’t see as much “wow” factor as you’d expect at that price point
“The B&W website claims that you only need $2.6M of income to afford the place. Plenty of Chicagoans in that income range.”
That is the dumbest thing I have ever heard. The assessments are 11k+ a month and taxes are 28k a year. 2.6M couldnt swing that.
I really like the possiblities of what can be done to this space. And the outdoor space looks awesome.
Although us non billionaires dont care about the “whos who” that lives there, you bet your ass other billionaires care. The more famous people that live their the more prestigious a building will be. And thats what most ultra rich people probably care about.
“The assessments are 11k+ a month and taxes are 28k a year. 2.6M couldnt swing that.”
It assumes a 5/1 ARM at 4.375%. With 20% down. For raw space.
If I had the $2.6mm income, I might email their loan guy to see if he could actually get me a mortgage of that size on those terms.
This building is the most prestigious building in Chicago with both “old money” and “new money.” This space is not for millionaires. Taxes seem rather low for the space.
Sorry for Mr. Wrigley but no way this sells above 2002 price. Sorry but I doubt sitting on an unfinished space for seven years like a papa penguin counts for 40% appreciation in an economic environment like this.
This will likely not sell or if he wants a sale need a steel discount. 7.7MM to move it is my guess.
Oh and his actions are a great glimpse into how the uber-rich really hoard resources and under-utilize them.
He buys the place back in 2002 and does nothing with it. Its not like it was even one of his many properties he occasionally visited the dang thing sat vacant and unfinished for seven years. It sits and collects dust and the carrying costs are nothing to him. Nevermind that somebody perhaps not quite as uber-rich as him might have wanted to buy it, rehab it and actually live there.
I’ve never met Mr. Wrigley Jr. but I imagine him a big tool. I hope he gets audited and the IRS goes after his probable tax shields and havens.
Am I jealous of his wealth? Yea. But if I had his wealth I’d try to be a bit less of a resource hog and actually use crap I owned. Detached toolbox.
I’ve walked by the building multiple times.
It’s ultra-lux.
WOW WOW
^^^
Asking 14 million dollars for an attached residence IT BETTER BE!
Its in the heart of the Gold Coast. There is not that much there to tear down. And the kids that do step out of there look like they are dolls from American Girl place.
Its not only a different world, its a different universe.
“its a different universe.”
But is it a better universe?
“But is it a better universe?”
They think so.
A friend’s uncle lives in this building and I convinced her to let me come with when she was dog sitting. AMAZING. Absolutely stunning building and his unit (on the 5th or 6th floor) had fantastic views and great light. Those pictures of the raw space don’t even begin to do justice to what is possible. 14 mil seems crazy but if any building warrants a high price tag, seems like this one does.
If he doesnt reduce his price to $500,000 he will never move this place. Doesnt he know that the real estate market is down? This is guy is so underwater, he is going to have to give it back to the bank soon. This should teach him how to invest his billions. He couldnt even get financing for this place today, and I bet any buyer will have to put at least 30% down. In this market they will never get the financing. He clearly needs to get real and shave $13.5 million off his asking price, who does he think he is. I hope he loses everything and goes to jail for being such an idiot. And the realtor should be fired asap for failing to put some window treatments on those windows, my god what a loser.
So, pete9441, you think it’s selling for asking price sometime in the near future? You’re more bullish than Stevo, methinks.
“Assessments of $11,365 a month (includes water and doorman)”
That doorman better be a smokin hot blonde that has 24 hour knob jockin services for those types of assessments!
Not that anyone that can buy a 14 million dollar pad would care, but seriously… that would make it totally worth it.
correction: smokin hot blonde female…
lol
“anyone that can buy a 14 million dollar pad ”
If this were a finished unit–even a poorly finished unit–I could totally see the price. It’s the raw space issue that gets me. How much more to do the build-out even remotely adequately, given the raw space cost? $10mm? More? $2k+/sf for an 8th floor unit in Chicago? Really?
anon,
to be devils advocate here wouldnt someone who CAN afford a 14mill condo, want to customize it to their exact liking? then raw space would be a positive selling point.
Side note; If i was looking for raw space condo with 360 views i would get the one at the metropolitain for 4mil.
“wouldnt someone who CAN afford a 14mill condo, want to customize it to their exact liking”
Sure, but then shouldn’t (almost) every SFH on the lakefront in the north shore be priced as a teardown? Because someone who can afford that would want a custom house?
And, b/c it’s raw space, it’s really a $25mm condo. That you can’t live in for the first year or two.
i would be surprised if a buyer gave a penny more than the last sale.
Anon (tfo) – No, I am not bullish on this place, but nor am I bearish. There is simply no way anyone can predict when this will sell, for what amount, or even whether it will sell. Homes in this stratosphere do not follow the usual rules in any market, let alone the current market. Someone above is guessing that this place sells for $7.7 million, and I find this laughable. Not because I think he is wrong, but because there is simply no basis upon which to form this opinion. None. Zero. Zip. It’s a total guess. Like most of the opinions regarding this apartment (and indeed on this entire board). It takes some of the sting out of the way the Bears are playing right now, though.
Where are the ex-Chicago athletes when you need them? Perhaps they could team up and buy this elephant. Think of the possibilities. Sammy Sosa in bedroom one, Rex Grossman in 2, and Cade Mcknown in 3 because that unit comes with a handicapped parking spot. Chris Chelios takes bedroom 4 as I’m confident that he could likely get financing for the deal with his current verifiable income stream from the Chicago Wolves. Bedroom 5 and 6 could be an in-town for Milton Bradley. He has a big ego and will need extra room for that swollen head. Finally Scottie Pippen could take bedroon seven. That one overlooks the lake so he could keep an eye on his boat. Maybe the MAyor would allow him to park it right next to LSD so that he could have easier access. That should make the big time neighbors proud!
Another option would be the Rickett’s family. They seem to have a love affair with all things Wrigley! They also appear to have plenty of cash!
“And, b/c it’s raw space, it’s really a $25mm condo. That you can’t live in for the first year or two”
anon,
sorry to play the devils ad, and just leave 🙂 i had to bolt from work early to run to costco, start cooking, and set for my “Bears make me want to stab my eyes with a pencil” thursday night football party.
but you make a good point after the initial 14 mil and then throw 5mil into the builds and the carrying cost for the two years its not used it ends up an even more over priced condo.
“It takes some of the sting out of the way the Bears are playing right now, though”
umm all i can say is go blackhawks
I just do not understand why anyone, billionaire or not, would buy a raw space of this size, sit on it for 7 years and never come to the point of building it out? Was he holding onto it to prevent someone else from getting it and it was a sort of ‘screw you’ move against the building? If so, it backfired on him big time.
No one has the funds to buy it (them), never mind having to rebuild. In a builing of this caliber, it would take at the VERY minimum… $2 mil per unit.
Ridiculous how he thinks he can dictate to the prospective buyer(s) that his plans be carried out…even making his overly generous offering of forwarding his plans! I mean, why on Earth would anyone want to not only buy his disaster, but to carry out his wishes at their expense?
If he wants to see his vision come to fruition, he would have to complete this project on his own before placing it on the market….making the chances for an already next to impossible sale even more impossible.
Those times of being totally outrageous and irresponsible RE moguls are well over and probably will never return. In order to garner any interest… not guaranteeing an actual buyer, just getting some traffic, he would have to rebuild the space back to the original three units. Even then, at this price bracket, there is not a market for them.
As much as I am vehemently opposed to anyone taking pleasure in anothers disasterous RE choices, I welcome and even encourage such brick throwing at this idiot… not only that, I hope his other mansion remains on the market for at least the next 10 years! Jackass!
You don’t look any better in green, 0.
A lot of people here don’t get the raw space concept. When a building like this is under construction, they willingly sell multiple units as raw space, and usually adjust (subtract) the cost of their typical buildout. So this isn’t a rehab, and he didn’t tear anything out. And for super high end, few would want to go with the builder’s idea of kitchen, baths, etc.
I don’t think Mr. Wrigley is forcing anyone to use his plans, just offering them as something that presumably cost some coin & could be used or adapted as the buyer chooses.
Also, even in this super-premium building, there is only one unit like this. And, in the entire city, I’m not sure that you’d find this type of square footage (particularly on one level). So, for the right buyer, with a net worth of several hundred million or more (and they are out there, though not as many as a few years ago!), this might be an appealing choice.
A super-premium buildout could be done for less than a couple million. And, regarding the fact that it’s only on the 8th floor, many people don’t want to be sky high, or in a house. Having the view, the terraces, etc., and views in 4 directions could really appeal to some people. Just might take a while to find them. The price could go anywhere from 5 MM to 13 MM, depending how badly someone wants to buy it, and how badly Mr. Wrigley wants to sell.
“omes in this stratosphere do not follow the usual rules in any market, let alone the current market.”
Hmmm….are you the realtor that worked with Mr Wrigley to price the property? No one, not even wealthy individuals, like to overpay for something. The last sale of the property that I found was a 2008 transaction where Mr Wrigley sold the property from his trust to the Goethe LLC. The sale price was $9,025,000.
I guess that even the uber wealthy think that the greater fool theory is workable. The difference for someone like Mr Wrigley is that there is no real downside if this ploy fails and the property stagnates on the market.
“A super-premium buildout could be done for less than a couple million. ”
A “super-premium” build-out for less than $166/sq ft… surely you jest. $200/sq ft would a fairly minimal job. A premium build-out would be $500/sq ft, or $6M, whereas super-premium would probably be $10M or more.
Why should William Wrigley Jr. benefit from the ponzi economy? He hogged a unique resource for seven years and _never_ used it. He isn’t going to get anywhere close to ask despite what his realtard might tell him.
William Wrigley Jr. is going to have to sell this at a loss or just hold onto it. My guess is he’ll just hold onto it and keep it vacant as he doesn’t need to sell and his ego couldn’t quite take the hit from selling at a loss.
to fullhouse: Yeah, I guess I was forgetting the massive square footage & the fact that you wouldn’t want to skimp on one of the highest price places in Chicago!!
I wasn’t thinking about price per square foot, but rather adding up a few hundred thou for kitchen, say 75K on average for 6 Bathrooms (more for the master!), hundreds of thousands for high tech telecom/computer integration, and then maybe a million for flooring, walls, trim, doors, etc. But that would probably be for an entry-level buildout in a building like this, not the super premium that the place would warrant.
just to be clear, that was 75K PER bathroom, which should be plenty for secondary baths, powder room, etc.
Turns out his name is actually William Wrigley, Jr. II. His father was William Wrigley III and and great-grandfather was William Wrigley Jr… apparentley naming him William Wrigley IV was too pretentious. I can’t find his kids’ names, although I would bet one of them is named William Wrigley, Jr. III or William Wrigley, Jr. II Jr.
2/3s of it is apparently under contract:
http://www.chicagorealestatedaily.com/article/20111117/CRED0701/111119812/william-wrigley-jr-finds-buyers-for-lake-forest-mansion-gold-coast
““Our high end is really moving now,” said Ms. Hellinga, who was not involved in the sale of the Wrigley home. “We’re past the bottom and luxury buyers are jumping into the market.” ”
yeah, ok Ms. Hellinga, keep telling yourself that… If one sale is indicative, go ahead and keep thinking that