CaliToday (06/12/2025): The billionaire founder of the hedge fund giant Citadel has found a buyer for his last remaining residential property in the Windy City, marking the final step in a highly publicized and acrimonious divorce from the city he called home for decades. Griffin, who moved his family and his corporate empire to Miami in 2022, has been a vocal critic of Illinois' high taxes, spiraling crime rates, and what he terms a stifling "woke culture."
The Final Piece of the Puzzle: Park Tower Penthouse
The property currently under contract is a massive full-floor penthouse on the 67th floor of the prestigious Park Tower. This sale liquidates the last of Griffin’s five ultra-luxury condos along the Gold Coast.
Key features of the "Sky Mansion":
Size: Over 9,250 square feet with six bedrooms.
Amenities: A private elevator, 12-foot ceilings, and three outdoor spaces, including a 400-square-foot terrace with a custom Jacuzzi.
Fortress-Level Security: Reflecting Griffin’s safety concerns, the unit is equipped with facial recognition technology and a "lockdown mode."
Griffin originally purchased the unit in 2000 for $6.9 million. When Citadel announced its departure in 2022, he listed it for $15.75 million. However, reflecting the softening luxury market in the city, it was recently re-listed at $12.5 million to attract a buyer.
A Financial "Bloodbath" in Chicago
Griffin’s exit from the Illinois real estate market has been costly, serving as a case study in the divergent fortunes of the Midwest versus the Sun Belt.
He has sold his entire Chicago portfolio once the envy of the city at a significant loss, estimated at roughly 40% of his total investment.
Park Tower (66th Floor): Sold at a $3.8 million loss.
West Walton Penthouses: Two units, which set pricing records when purchased in 2017, were sold in 2024 at steep discounts. Ironically, the buyer was Illinois Governor J.B. Pritzker, a political rival whose policies Griffin has frequently attacked.
A spokesperson for Griffin did not mince words regarding the losses:
"The devaluation of luxury real estate in Chicago reflects the cost of years of poor leadership in Illinois."
The Florida Pivot: A $1 Billion Spree
While Griffin accepted losses in Chicago to cut ties, he has been aggressively deploying capital in Florida, where he argues that pro-business policies and effective governance are driving value.
Since moving to the Sunshine State, Griffin has spent over $1 billion on personal and commercial real estate, transforming the Miami landscape:
Star Island: He has assembled seven consecutive lots on this exclusive enclave, costing approximately $169 million.
Record-Breaking Land: He purchased a prime waterfront site on Brickell Avenue for Citadel's new $1 billion headquarters.
Coconut Grove: The acquisition of a historic estate for over $100 million.
Super-Yacht Hub: He recently secured approval to build a massive 30,000-square-foot dock at his Miami Beach estate to house his maritime fleet.
The Bigger Picture: The Great Wealth Migration
Griffin’s decisive move highlights a broader trend among America's ultra-wealthy. His departure serves as a stark warning to "blue states" grappling with public safety issues and fiscal challenges. By trading the turbulent political climate of Chicago for the tax-friendly, high-security enclaves of Florida, Griffin is betting that capital will continue to flow where it is treated best.
Sources: Crain’s, Reuters, Forbes, The Post
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