Dimon’s Gold Coast Mansion Sells: 25 E. Banks
We last chattered about this 8-bedroom vintage mansion at 25 E. Banks in the Gold Coast in September 2010.
See our prior chatter here.
At that time, the house had just been reduced $2.55 million after being on the market nearly 3 and 1/2 years and was well off its $13.5 million original list price.
It then went under contract quickly and recently closed for just $150,000 under the newly reduced price.
As reported by the press, the seller was J.P. Morgan Chase CEO Jamie Dimon who had lived in the house when he was working in the company’s Chicago office.
Janet Owen at Sudler Sotheby’s had the listing.
25 E. Banks: 8 bedroom, 9 full and 2 half baths, 13,500 square feet, 2 car garage
- Sold in September 2000 for $4.68 million
- Originally listed in April 2007 for $13.5 million
- Reduced in November 2007 to $12 million
- Reduced to $9.5 million
- Reduced
- Was listed in September 2010 at $6.95 million
- Sold in October 2010 for $6.8 million
- Taxes of $61,530
- 2 fireplaces
- Library
congratulations to someone who finally has the balls to go out, buy what they want and enjoy life!!! Good for them.
wow, cut to 4.6 congrats to the buyer. Looks like some of the “fat cats” didn’t get out so clesn…
sold for 6.8, went for 4.6 in 2000. not too shabby, although you have 500K-600K of property taxes during that period as well.
“sold for 6.8, went for 4.6 in 2000. not too shabby, although you have 500K-600K of property taxes during that period as well.”
Well, on the plus side he also got to live there (was it empty the whole time since he left?). On the negative side, there was a major reno wasn’t there?
Of course that’s ignoring the extensive renovation costs that could easily be in the million + range.
The buyer (as noted in last thread) is Michael Polsky, who made a fortune (and continues to make new ones) in energy. He’s probably worth 1/2 a billion or so, meaning it doesn’t take a lot of balls for someone like that to spend 6.8 MM
“skeptic on October 29th, 2010 at 8:14 am
sold for 6.8, went for 4.6 in 2000. not too shabby, although you have 500K-600K of property taxes during that period as well.”
This is probably his “in town”
lol
He was in the news a few years ago–the divorce settlement with his ex wife set a new record for Illinois & one of the highest in the country. She got $184 MM.
Here’s a quote from one of the articles about dividing up some hard assets:
The couple split up their properties as follows: Michael Polsky was awarded the couple’s $7 million home in Aspen, Colorado, a $2.9 million residence in Chicago and $2.1 million home in East Troy, Wisconsin; Maya received their $2 million home in Glencoe and a $3.7 million home on Chicago’s Lake Shore Drive. She was also awarded various investments, cash and was allowed to keep the Maya Polsky Gallery, which is valued at $305,000. They also split between the two millions of dollars worth of paintings, jewelry, rugs and other assets.
Thats fucking ridiculous no way she helped him make even 1% of that settlement
“Thats fucking ridiculous no way she helped him make even 1% of that settlement”
Once again, it isn’t all about money. The emotional and psychological comfort that she may have given him in the marriage probably resulted in him making all of that money!!!
Whats mine is her’s, whats her’s is her’s.
slogan to live by.
just out of curiosity, why are we allowed to name the owner of this home and also discuss the buyer’s personal life when usually that stuff is not allowed on the site?
fwiw, my opinion is that we should be able to discuss any and all public information (which this stuff appears to be), but i don’t think it should only be limited to people who are rich and/or famous.
just out of curiosity, why are we allowed to name the owner of this home and also discuss the buyer’s personal life when usually that stuff is not allowed on the site?
fwiw, my opinion is that we should be able to discuss any and all public information (which this stuff appears to be), but i don’t think it should only be limited to people who are rich and/or famous.
$500/SF.
that does not bode well for the metric ton of places (in mostly new buildings) here in the city that are trying to sell for about the same, if not much higher price/SF….
more pain to come for developers…no matter how good a deal some realtor says you’re getting.
i’m not sure how anyone could even ask for $700/SF in Chicago with a straight face now. and now if you’re priced anywhere near $500/SF you get to have some buyer say
“so you think this place is as nice as Dimon’s mansion, only smaller?”
and it’s a fairly legitimate question.
i get that it’s not that simple…but even so.
doesn’t this set one hell of a bar?
tay: pretty fair point, but on the other hand all these transactions are public, and this one in particular was reported upon. I think it was in crain’s?
“just out of curiosity, why are we allowed to name the owner of this home and also discuss the buyer’s personal life when usually that stuff is not allowed on the site?
fwiw, my opinion is that we should be able to discuss any and all public information (which this stuff appears to be), but i don’t think it should only be limited to people who are rich and/or famous.”
There are notions of public figures in the law, although I don’t know that that’s where Sabrina draws her line.
I dunno. There’s always a slippery slope argument, but I see a big difference between info that is reported in major publications (I know that’s vague, but it’s not meaningless), versus looking up someone’s identity on CCRD, and posting information from googling and other searching, of someone who’s just trying to sell a house that Sabrina happened to pick to post about here.
Does block shopper count? They will happily post iny information culled from LinkedIn, CCRD and whatever else is public.
“Does block shopper count? They will happily post iny information culled from LinkedIn, CCRD and whatever else is public.”
That’s what I had in mind when I threw in the major publication qualification. And depending on what you mean by publication, CCRD etc. is certainly public. Just b/c there’s a slippery slope doesn’t mean there isn’t a distinction between the top and bottom even if a line is somewhat arbitrary. I’m not even sure how I feel about the policy but I can see why sabrina wouldn’t want the headache of dealing with a lot of personal info posted.
Cheaper to keep her…
There is difference between public (or even semi public figures) and Joe Average trying to sell his 2/2 in the Greenzone for $400k. I think it does cross the line googling people and posting their personal info. Bad enough they have to see their property, personal decorating taste, financial decisions, kids names, etc trashed online. Takes some thick skin to say the least.
I think if we are so willing to throw around other people’s names and info the least we should do is share our own. To be fair and all.
So how about not, eh?
“Thats fucking ridiculous no way she helped him make even 1% of that settlement”
They were both poor immigrants and married when they arrived here thirty one years ago. Normally I’m against the awarding of half in cases like this but I dunno here. I think she’s entitled to a fair chunk if not half.
Whereas most divorce settlements where the marriage lasts under 10yrs, especially when the guy was already loaded, I think are a farce if she gets much of anything.
People should walk away from divorces with roughly what they brought to the table at the outset. In this case they both brought nothing to the table at the outset and he struck it rich. She was his wife while this happened over 31 years. Seems equitable to me.
“Does block shopper count? They will happily post iny information culled from LinkedIn, CCRD and whatever else is public”
The problem with re-publishing things from the internet is that there is so much misinformation it is unbelievable. For example, on “block shopper” they had me listed as having obtained a degree from University of Illinois at Chicago (instead of University of Chicago). They also got my profession wrong, my work place wrong – they stated I worked in Palo Alto, and wrote about a property I supposedly owned in Barrington (I have no such property). In addition, other sites also have wrong information about me. If they have made so many mistakes about me, then how many mistakes are they making about everyone out there?!
What is block shopper?
What is block shopper?
http://www.blockshopper.com
It culls information from public records about real estate transactions.
“just out of curiosity, why are we allowed to name the owner of this home and also discuss the buyer’s personal life when usually that stuff is not allowed on the site?
fwiw, my opinion is that we should be able to discuss any and all public information (which this stuff appears to be), but i don’t think it should only be limited to people who are rich and/or famous.”
I used the name of this seller because there have already been extensive articles talking about it in Crain’s and Bloomberg Businessweek (among others.) He is considered a public figure. Otherwise, as others have said, I do not want to get into the personal lives of those who are selling (or buying) property. It’s really not our business and it’s not the point of Crib Chatter.
FYI – Jamie Dimon spent several million dollars in renovations when he first bought the place.
“It’s really not our business and it’s not the point of Crib Chatter.”
Land trusts people — look into it if/when you transact. HD can probably hook you up, I am sure he has dealt with one or two in his day.
By the way, its a bit disingenuous to say it is “ok” to discuss if a news outlet picks up a story but not if someone just looks it up. Where do you think the news gathering organization pulled the story from in the first place? Do you think the buyer’s PR firm put out a press release?
I’m just saying.
Again, if a buyer wants privacy, there are relatively simple (especially for a wealthy individual) ways to accomplish this. Divorce records can be sealed, land can be purchased in trust or LLC.
Isn’t there a reason real estate transactions are matters of public record?
So that you can verify the person selling you the land has the legal right to do so.
“Isn’t there a reason real estate transactions are matters of public record?”
“Divorce records can be sealed, land can be purchased in trust or LLC”
Unfortunately, you can still find people’s names if a property is in an LLC – my farm is in a series LLC and whoever outed me on CC a few months ago, still figured out who I was.
Sorry, I don’t think so. First of all, there is title insurance.
But let me ask you a question. When I execute a stock purchase agreement for a purchase of a private business, are you telling me the only way I can verify valid title and authority to convey shares is by recording the transaction for all to see? Sorry but it doesn’t work that way.
Trillions of dollars of commercial transactions occur without any public recording of the parties. Sure, public companies have a requirement to announce material transactions, but that is only an SEC requirement and not a requirement if they were otherwise private.
“Unfortunately, you can still find people’s names if a property is in an LLC – my farm is in a series LLC and whoever outed me on CC a few months ago, still figured out who I was.”
Yes, because you are listed as a manging member or officer of the LLC. I believe if you were a passive member it would not show up and would require a court of competent jurisdiction to reveal. Again, that is a structuring issue oversight.
Anyway, a land trust would protect you (not saying it is appropriate for a working farm — I never say the outing — nor do I really care — but I think it is funny that you own a farm).
Say = Saw
Clio:
FYI:
http://www.ilsos.gov/corporatellc/
Enter your series LLC name — at first your agent will appear — usually your attorney. But click the link MGR and officers / managers of the LLC are listed. It takes about 2 minutes to match deed / tax info to LLC managers.
JMM – thanks for the information. I am shocked at the easy availability of this information. It is getting harder and harder to hide your identity/money!!!!!
I presume you were able to look yourself up then.
Anyway, a land trust would work quite well for this purpose. You should think of it next time you transact. If it is soley held for appreciation, this works. I think you can add multiple properties to a land trust so you might be able to retain some of the advantages of a series LLC. Most title companies maintain trust departments but its a relatively sleepy end of the real estate spectrum. I predict more and more people will take advantage of this in the future as privacy becomes an increasingly valuable attribute.
Thanks JMM for the great information – I am surprised that my attorneys and estate planner did not mention this.
A land trust won’t protect you or your assets like an LLC
It lserves to keep your name out of public records but if a tenant slips and falls they can sue for discovery very easily and go after all of your assets-or so I was told by my lawyer.
Anon, care to weigh in here ?
A land trust won’t protect you or your assets like an LLC
It serves to keep your name out of public records but if a tenant slips and falls they can sue for discovery very easily and go after all of your assets-or so I was told by my lawyer.
Anon, care to weigh in here ?
“It lserves to keep your name out of public records but if a tenant slips and falls they can sue for discovery very easily and go after all of your assets-or so I was told by my lawyer.”
Yeah but if I rear-end someone in my Honda Civic I think it would be best to have a land trust so if bozo goes casually looking he won’t think someone dressed as me driving a Honda Civic has any substantial assets upon a cursory/internet glance.
“A land trust won’t protect you or your assets like an LLC
It serves to keep your name out of public records but if a tenant slips and falls they can sue for discovery very easily and go after all of your assets-or so I was told by my lawyer.
Anon, care to weigh in here ?”
An LLC can hold RE thru a land trust. So you can get the benefit of both. Costs more, tho, of course.
# “Unfortunately, you can still find people’s names if a property is in an LLC – my farm is in a series LLC and whoever outed me on CC a few months ago, still figured out who I was.”
I hope you don’t mean me. I never mentioned what I believe is your name. Did someone else name you?
“There is difference between public (or even semi public figures) and Joe Average trying to sell his 2/2 in the Greenzone for $400k. ”
But if Joe Average does an interview for a Crain’s article pertaining to RE, as we saw a few do in the past, I think they’re fair game. In that case I consider it implied consent that they don’t mind their name and their RE situation being discussed in the public domain, as they have already willingly done so.
“I hope you don’t mean me. I never mentioned what I believe is your name. Did someone else name you?”
Yeah – I revealed quite a bit about myself early on so that if people wanted to check the validity of what I was saying, they could – but there was a poster (I forgot the name but he/she hasn’t posted since) who actually disclosed what I did for a living (which was close to the truth – but not quite), exactly how many mortgages I had outstanding, how much money I had presumably made in real estate as well as a guess – which was wrong- about my ethnicity and generational status). Of course Sabrina deleted that post (thank God).
A land trust provides some protection (real vs. personal property) and yes it can be held through an LLC. It is not meant for a rental property so limitation of liability is another matter.
Disney used the FL equivalent when buying up land for Disney World, so lots of limited liability structures employ them.
Wow Clio sounds like someone did a lot of research on you. I must admit that is more trouble than I have seen anyone willing to go to.
Ethnicity and generational status? What the hell does that mean? I didn’t know many second generation immigrants at Sears back in the day…
“Yeah but if I rear-end someone in my Honda Civic I think it would be best to have a land trust so if bozo goes casually looking he won’t think someone dressed as me driving a Honda Civic has any substantial assets upon a cursory/internet glance.”
Uh, good point but why not just buy umbrella insurance off your homeowner’s policy? And don’t look at your current net worth, look at your expected future income streams too. $2M of umbrella insurance is not as expensive as you think.
Most people who post here are probably underinsured from a liability perspective. People focus on current worth and not expected future income streams which, when factored in, often beg for a much higher insurance level (new docs, lawyers, bankers, corporate middle managers, etc).
“$2M of umbrella insurance is not as expensive as you think. ”
Especially as almost everyone seems to either radically overpay or not have a good handle on actual HO insurance costs. $2mm umbrella should be about $200/year +/- $50.
Agreed. The only problem with the umbrella is many full line carriers require you to carry the max auto coverage, which is a somewhat hidden cost.
Hell I have friends who insure their wifes engagement ring to the tune of 2x that a year. Gotta get the priorities in line.
“And don’t look at your current net worth, look at your expected future income streams too. $2M of umbrella insurance is not as expensive as you think.”
True – I have a 5 million umbrella policy through state farm which is only 600/year.
Nothing makes my day like seeing a defendant’s policy declarations with seven figures because I know that in 18 to 24 months I know I’m going to get paid big.
Follow JMM’s advice everybody: you are all underinsured.
“Nothing makes my day like seeing a defendant’s policy declarations with seven figures because I know that in 18 to 24 months I know I’m going to get paid big”
…and this attitude, my friends, is at the root of the problems we are experiencing – lack of morals, values, pride, etc. If everyone was responsible and did the “right” thing, we wouldn’t be in the mess we are in right now.
“True – I have a 5 million umbrella policy through state farm which is only 600/year.”
You’re overpaying, too–the additional $3mm coverage should be cheaper than the first $2mm. Piggy back a personal umbrella thru your business insurer–should be a much better deal, as you probably have some limited personal coverage thru it anyway.
ps:
HD–your snarky advice could only come from someone who still considers himself judgment proof.
First, you should know better; Second, less than $200/year should be cheap protection for your savings account–you drive enough, there’s a reasonable chance of hitting your auto limits, and you know that.
“If everyone was responsible and did the “right” thing, we wouldn’t be in the mess we are in right now.”
That’s a naieve paradigm to see reality through.
We wouldn’t be in the mess we are in right now if instead banks/investors/credit ratings agencies had been pragmatic and skeptical towards people and had strong internal controls in place to prevent abuse of the system at the outset.
Just as you cannot blame the dog for eating your burger when you step out for a bit you cannot blame the sheeple for grazing the grass until the land is barren while you were away as well. Morals are no substitute for strong controls.
What insurance company should I try for car/renter/umbrella? I feel like I’m overpaying a touch.
Looks like he can afford the loss he took on this property:
http://finance.yahoo.com/news/JPMorgan-grants-CEO-Dimon-big-apf-4093888645.html?x=0