Hedge Fund Manager Sells Chicago Apt. For $15M

Nov 21 2012 | 10:37am ET

An Illinois hedge fund manager has earned a tidy 355% return on Chicago's richest condominium sale ever.

General Welfare Group's Richard Cooper has sold his penthouse in the Park Tower for $15 million. The hedge fund bought the then-unfinished space for just $3.3 million in 2000.

The 66th-floor apartment is nearly 8,000 square feet and has a 660-square-foot terrace, wraparound views and 16-foot ceilings.

The new owners also inherit Cooper's high-profile neighbor: Citadel Investment Group founder Kenneth Griffin and his wife, Aragon Global Management founder Anne Griffin, live one floor above the Cooper apartment, on the building's top floor.

The sale is the third-highest for any private residence in Chicago history.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...