What Does a $13.5 Million Penthouse Look Like? 840 N. Lake Shore Drive in the Gold Coast
This 6-bedroom penthouse in 840 N. Lake Shore Drive in the Gold Coast came on the market in April 2019. (Did we decide that this area was Gold Coast and not Streeterville?)
Built in 2007, the building has 72 units on just 26 floors and a parking garage.
This is a true penthouse on the 26th floor with 8800 square feet of interior space and 1135 square feet of outdoor living including a 90×9 terrace and other smaller terraces.
It’s apparently all on one level.
It has multiple exposures including the Lake and city views as well as Navy Pier.
The listing says this unit was bought as raw space and custom designed.
It has 12 foot ceilings and multiple living and dining areas.
The 6 bedrooms are en suite with two half bathrooms.
There’s a great room in the rotunda.
The listing describes the kitchen, with white cabinets and counter tops as a “custom Boffi eat-in kitchen with a showcase wine cellar.”
It has central air, washer/dryer in the unit and 3-car garage parking is included.
It has come on the market at $13.5 million which makes it among the most expensive condos currently on the market in the city.
With both city and lake views, is this condo the best of all worlds?
Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.
Unit #2601: 6 bedrooms, 7 baths, 8800 square feet, penthouse
- The CCRD doesn’t list a prior sales price from 2007
- Currently listed at $13.5 million
- Assessment of $8542 a month (includes gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $60,143
- Central Air
- 3 car garage parking included
- Bedroom #1: 28×16
- Bedroom #2: 17×16
- Bedroom #3: 15×16
- Bedroom #4: 15×14
- Bedroom #5: 18×11
- Bedroom #6: 18×11
- Game Room: 17×20
- Exercise Room: 17×20
- Media Room: 15×12
- Laundry Room: 5×6
Interesting that they are no longer touting the revolving living room–which I though was the most interesting feature of the place (wonder if some people thought that was a gimmicky negative?) https://chicago.curbed.com/2019/4/25/18515011/for-sale-streeterville-lake-shore-drive-penthouse-views
Nothing to complain about here. This place does seem to have everything. I love true penthouses, though if I had more than $10 mln to spend I’m not sure this would be the place. I prefer vintage. I wonder if the penthouses at either 1230 N. LSD or 1500 N. LSD will ever come onto the market. I think Ray Kroc of McDonald’s owned one.
Correction – I meant 1242 N. LSD. I think that’s the one Ray Kroc owned.
Seriously undertaxed
Maybe I am just a plebe, but I just don’t get how people live in places like this… so large and over the top. The view is nice, but beyond that it leaves me kind of cold. Doesn’t look like a place to actually live in imho.
I can think of far better things to do with $13.5 million.
Wow the place is so big that I actually thought the first few pictures of the foyer/ living room? were of the building’s lobby. Very nice…but not $13M nice….. at least not for me.
Was ready to snark about the 8 top dining table in the kitchen, then saw the actual dining room set up.
“Seriously undertaxed”
Jokes on the rest of us: taxes went DOWN by ~14%. $51,741.76, with an AMV of $2,619,390.
and that was w/o an appeal. Appeals (both denied) in ’12 and ’14, handled by that certain corrupt alderman’s firm.
“I can think of far better things to do with $13.5 million.”
Can you think of *far* better things to do with something less than 5% of your net worth?
@Anon; it is diminishing utility. Does a $13.5 million place really live better than a $6 million place? Probably not in our market. Sure maybe a bit more space, but we are talking 9,000 square feet. They are going to be tripping all over each other in a paltry 6000 square feet.
People do what they want with their money. Just saying even if I were worth $300 million, I can’t imagine spending that kind of money on a place like this… just seems so wasteful, over the top, and kind of gaudy imho. Not saying they need to live like paupers in a $500k 2/2 in Lakeview, but this place is just bonkers retarded to me… might as well have gold toilets and dollar bill toilet paper…
” might as well have gold toilets and dollar bill toilet paper…”
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Platinum and fives, here. I would never be so plebeian.
“Does a $13.5 million place really live better than a $6 million place?”
They paid $6.25m for it on 12/14/2005. I’m sure they put quite a bit into customizing it, tho.
The share of the HOA (including the 3 parking spots) is 3.9376%. ~$2.5m in aggregate annual assessments, which probably isn’t building much of a reserve in a full-service building.
Property tax number above did not include $1,581.82 per parking spot, so actual bill is $56,487.22. So the reduction is only 6%.
Ray Kroc owned in 1230 N lake Shore Dr. 1500 N Lake Shore Drive is argueably the most premiere penthouse in the city of Chicago. Just check the few pictures out that are publicly available. It is owned by a business owner named Michael Wilkie. At one time it was owned by an heir to the Morton Salt fortune but has been owned by Wilkie for quite some time and will be passed on to his children at some point so I don’t know if we will see that hit the market any time soon. The outdoor space alone at 1500 is amazing. Interior is definitely set to the owners tatse but the unit is sublime. 1500 is probably the most premier and private building in Chicago with only cash sales allowed and a substantial liquid net worth required to even get consideration.
“1500 N Lake Shore Drive is argueably the most premiere penthouse in the city of Chicago.”
Who wants to live in these old buildings anymore? Is there anyone under the age of 50 living there? Most don’t have decent amenities. They have high costs and can be money pits. Some don’t have parking. They have old layouts and cost a fortune to renovate.
I’m expecting the Tribune, however, to be very popular because it is basically a new building in an old shell. It will be end up being much like the Palmolive, which was one of the city’s top luxury condo towers until the last bunch of luxury buildings like 9 Walton, were built. The developer of Tribune also converted the Palmolive so they know what they’re doing.
“I meant 1242 N. LSD. I think that’s the one Ray Kroc owned.”
He died in 1984. Is Chicago of the 1960s and 1970s even the same?
I would argue “no.”
So the condo choices they had were limited. Really, really limited.
Is it an argument that this is Streeterville and not Gold Coast? Gold Coast is north of Oak along LSD, you can argue how far west, though I think Clark is usually used, west of there you’re in Old Town (but not OTT!). South of Oak and West of Michigan (including this property) is Streeterville.
@ Sabrina: I could care less the age of the residents in 1500 North. Take a look at the outdoor space. It rivals many backyards you find in the suburbs all with a Birdseye view of Lake Michigan. I wouldn’t see any of the old farts anyways other than in an elevator and I would enjoy every last minute of my time in that private courtyard overlooking Lake Michigan. Show me something better in terms of outdoor space for a true penthouse. It can’t be done.
1500 n lakeshore is a beautiful old building, but there is no building in Chicago that is the best, and certainly no single unit that is the best. One persons best building is another persons old farts building. I lived within blocks of this building for years, and after a while the area gets boring. There is no shame in being old and wanting to live in the same building as other people in your age group. There aren’t any young people buying into this building.
In terms of the property taxes, not certain but I believe 840 and 270 Pearson/250 Pearson were built on land leases, not sure if that impacts prop. taxes
The view is nice, but beyond that it leaves me kind of cold. Doesn’t look like a place to actually live in imho.
It looks like an airport lounge. A fancy, international first class airport lounge, but an airport lounge nonetheless. It’s stylish, luxurious, and fairly comfortable, but you don’t want to spend too much time there.
kind of sterile and boring looking… reminds me of a hotel or newer steakhouse or something
you’d need a ladder to get to the top cabinets in that kitchen too, lol
I love the kitchen. The dining room however made me think of a corporate conference center…like zero personality but top quality and a table so large that in a negotiation you cannot see what is on the paper the person across from you keeps referring to. LOL. I could think of tons better to do with $13.5MM. I think eventually sells for something just under $10MM….then again I am just guessing.
“There is no shame in being old and wanting to live in the same building as other people in your age group. There aren’t any young people buying into this building.”
Never said there was any shame in older people wanting to live in a building with other older people. Many would prefer not to live near children/grandchildren. Different priorities.
But not many younger people are affording an all cash luxury building, are they? Eventually, the building has to turn over to new blood. Who will buy there? Who can afford it? There are plenty of new luxury buildings. Many near restaurants/shops/transit. None of them require all cash.
“Take a look at the outdoor space.”
Tastes change. Many people don’t care as much about the outdoor space which is why the penthouse with those gorgeous Japanese gardens was on the market for 6 years previously.
Or take a look at this 6200 square foot unit in 65 E. Goethe. It was on the market for 3 years and finally sold recently at about 50% off its original listing price or $4.5 million.
Those gardens in the pictures are private to this unit. They have brick paths, a fountain and what look like lake views.
It’s lovely.
Not a penthouse, but you don’t have to pay all cash to own there either.
https://www.redfin.com/IL/Chicago/65-E-Goethe-St-60610/unit-5N/home/39557727
“Is it an argument that this is Streeterville and not Gold Coast?”
Thanks nonya. Yes, it’s an argument. We’ve chattered about this issue many times but it’s still unclear what the cut-off for the Gold Coast or Streeterville is in this area.
By your definition, you would include the Palmolive and the Drake in Streeterville.
I think we’ve concluded that north of Pearson is Gold Coast and south is Streeterville. But I’d had it both way on various of these buildings in the past.
Lol.
Went to a benefit party here a couple years ago. It really is a pretty amazing place. I don’t remember the brand, but the piano was pretty amazing.
“65 E. Goethe. … Those gardens in the pictures are private to this unit.”
Are you sure? The listing sez:
“The building features full time door staff and an lush rooftop garden”
and teh unit is only on the 5th (of 7 or 8) floor. How can it actually be private?
Completely agree with “Seriously undertaxed”!
What is the deal with property taxes in this building?? The super rich again, are not paying their fair share. At $13.5MM, the taxes should be ~ $270,000 per year, not $51,000.
There is something very suspicious with the assessed value of the units in this building and its very unfair that the rest of the city have to pay 2% of assessed value and this building has assessed values 50-100% below market. Check out the other listings in the building.
“How can it actually be private?”
I heard from one of the listing agents that it was private to this unit. On top of the parking garage or something else perhaps?
Closed, 11,250,000 Cash buyer
Good comment on taxes, Jeff J.
We own a house in the suburbs valued at $650,000 and our tax bill is $13,000. I realize it’s a different jurisdiction, but if we pay 1/50 of our home’s value in property tax and that’s anywhere near average, the $11.2 million penthouse should have taxes of $234,000 a year, not $51,000.
Make those who can afford to pay their fair share. Our tax bill has doubled since we bought our house in 2002, and our home value hasn’t gone up close to that much.
“Closed, 11,250,000 Cash buyer”
Thanks for the update David.
Sizzle.
According to Crain’s, that’s the highest priced condo to sell in Chicago since 2019.
No one should be surprised at the money in Chicagoland. The region is home to dozens of Fortune 500 companies which means many are stock wealthy with the stock market at all-time highs.
From Marketwatch (“ultrawealthy” is more than $30 million):
“The 10 cities with the highest raw number of ultrawealthy residents in 2020 were New York, with 11,475 ultrawealthy people; Hong Kong; Tokyo; Los Angeles; Chicago; San Francisco; Paris, Washington, D.C.; Osaka, Japan; and Dallas.”
On a “per capita” basis, Chicago doesn’t make the list.
“Where you’re most likely to bump into an “ultra-high-net-worth” person, someone who’s worth more than $30 million, is San Jose, Calif., according to the latest Wealth-X World Ultra Wealth Report.”
https://www.marketwatch.com/story/this-u-s-city-has-the-highest-share-of-superrich-residents-in-the-world-its-not-san-francisco-new-york-or-seattle-11625247163
“I realize it’s a different jurisdiction, but if we pay 1/50 of our home’s value in property tax and that’s anywhere near average, the $11.2 million penthouse should have taxes of $234,000 a year, not $51,000.”
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Chicago’s tax base is broader. More industrial and business properties. What makes you think the $11 million owner isn’t paying his “fair share”?
That marketwatch article is stupid:
“If you’re hoping to mingle with multimillionaires this summer, you can skip the Hamptons and Lake Como.”
“you’re most likely to bump into an “ultra-high-net-worth” person… i[n] San Jose, Calif. … One in every 727 people”
I’d bet you a dollar that Atherton has more than 10 UHNWIs, and Woodside has more than 8. And, of course, East Hampton has more than 1. All of which means that more than one in 727 are UHNWIs.
Are you more likely to literally run into someone w/ $30m at the Trader Joes off Sartoga than those other places? Sure. But that’s still stupid.
“What makes you think the $11 million owner isn’t paying his “fair share”?”
If the prevailing property tax is ~2% of actual market value**, then paying less than a quarter of that rate is not a “fair share”.
So, “math” makes one think that?
**it’s not; it doesn’t actually work that way here, for a number of reasons.
“If the prevailing property tax is ~2% of actual market value**, then paying less than a quarter of that rate is not a “fair share”.
So, “math” makes one think that?”
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Twp percent is based on certain attributes of the market. Chicago has more business and industry than the typical city, so 2 percent doesn’t apply.
“2 percent doesn’t apply.”
You obviously haven’t looked at a tax bill in Chicago in a loooong time.
AMVs are wrong a lot, but they are *supposed to* be actual market value.
AND the tax bills on my block have been ~2% of AMV (pre-HO exemption) for at least the last 2 reassessment cycles.
“You obviously haven’t looked at a tax bill in Chicago in a loooong time.
AMVs are wrong a lot, but they are *supposed to* be actual market value.
AND the tax bills on my block have been ~2% of AMV (pre-HO exemption) for at least the last 2 reassessment cycles.”
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I live in Chicago. My AMV has always been under 2 percent, even without appeals, and no, my house is not so expensive that it benefited from Berrios’s suppressing large tax bills to keep the rich in Chicago.
“My AMV has always been under 2 percent”
what?
So, I went back and checked my last 4 tax years, and divided tax paid (w/ HO exempt) by the AMV:
2019 = 1.92%
2018 = 1.89%
2017 = 2.03%
2016 = 1.92%
Those are all ‘about’ 2%, and are hard facts.
further, since my house has a AMV that’s somewhat below FMV, for several reasons (not including appeals), I checked a neighbor who sold in 2020 for slightly less than AMV, and who had appealed their assessment multiple times:
2019 = 1.95%
2018 = 1.92%
2017 = 2.08%
2016 = 1.96%
If your tax rate applied to AMV is below that, I’m subsidizing you.
If your AMV is less than ~80% of real FMV, you’re being subsidized (I’m probably in this category at the moment).
If your AMV is only 25% of real FMV, it’s completely “unfair”.
Apparently the living room floor in this place revolves:
https://luxatic.com/bruce-whites-chicago-penthouse-comes-with-a-stunning-revolving-floor/
How did that not make it into the listing?