Jamie Dimon’s real estate woes
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As homeowners have struggled to modify their mortgages with JPMorgan Chase & Co., more than a few have probably felt flashes of anger toward the company’s chief executive, Jamie Dimon, whose bank has bounced back while the housing market has continued to struggle.
It may be some comfort to these folks, then, to know that Dimon has not been immune from the problems of falling home prices. On Friday, the Chicago Tribune noted that Dimon has once again had to cut the asking price on his Chicago home after failing to find a buyer.
The mansion, where Dimon lived back when he headed up Bank One, originally went on the market for $13.5 million in 2007. The bad real estate market has forced a series of reductions that have brought the listing price down by nearly half, to $6.95 million.
The listing itself makes clear that whatever his real estate woes, Dimon has not lived a life of want. The three-story brownstone, shown in great detail in the Sotheby’s listing, includes eight bedrooms, an ornate library, a winding staircase and a strange piece of artwork that some have looked to for insight into Dimon’s psyche.
At the end of the day, struggling homeowners may still have trouble identifying with Dimon. Even after all the price cuts, if Dimon manages to sell at the current price, he’ll still make a cool $2.3 million over his purchase price in 2000.
-- Nathaniel Popper