The latest victim of the dismal housing market is none other than JP Morgan CEO Jamie Dimon.
The banker, reportedly a one-time favorite banker of President Obama's, has sold his Chicago mansion for just over half of its original asking price, according to Crain's Chicago Business (hat tip to Dealbook).
After putting the house on the market for $13.5 million in April 2007, Dimon cut the price to $10.5 million in May 2009, to $9.5 million in April 2010 and finally to $6.95 million at the beginning of this month. And now, at long last, it's under contract.
The 8-bedroom, 13,500-square-foot house, located at 25 East Banks Street, is in Chicago's Gold Coast neighborhood. It includes, according to the Sotheby's listing (hat tip WSJ), a gym, wine vault, staff quarters, stunning art and a "Fabulous rooftop Terrace!!" There's also "lots of room for family fun" and, strange as it may seem, "everyday living."
The WSJ points out that Dimon, who hasn't lived in the house since 2004, paid $4.68 million for it in 2000. In May 2009, when the price was $10.5 million, Luxist tried to look on the bright side of the price cut and said that Dimon "could still make some money on the deal." Technically, he still can.