When Jamie Dimon, JP Morgan Chase CEO, bought his 26 room mansion in 2000 for 4.68 million dollars, it was one of the highest home prices paid in Chicago history. But that was nothing compared to the 13.5 million that Dimon was asking when he relisted the estate in 2007. Unfortunately for Dimon, no one was biting at that price, and last week he was forced to reduce the price to 6.95 million, almost half of the original asking price!
The mansion, which is located in the Gold Coast area of Chicago, boasts 13,500 square feet, which explains the orignal asking price. Dimon was trying to get $1,000 per square foot. Let’s consider this in the larger context of the real estate market. In 2006, luxury townhomes in New York City were selling for around $2k a square foot, which makes Dimon’s asking price seem pretty reasonable in comparison.
Dimon’s high-priced home seems somewhat less reasonable, however, if you consider the fact that you buy a perfectly lovely home in Ohio for $150 a square foot or less. Of course of these don’t have 9.5 bathrooms, 8 bedrooms, a wine vault, and 2 separate servant’s quarters!