Jamie Dimon: Another Casualty of the Housing Bubble

The JPMorgan Chase chairman is in the news for the generous moving stipend he got when he departed Chicago for New York City. But you try moving a $13 million house in this market….

Jamie Dimon mansionJamie Dimon, head of JP Morgan Chase, got $422k for his expenses in unloading his glamorous Chicago mansion after he pulled up stakes for NYC. Which sounds like a lot, but the company says it’s all within their general relocation policy. And the house has been a bit of a drama for Dimon, as Dennis Rodkin detailed back in 2007, three years before it sold:

Bennett thinks things would have turned out differently had the house hit the market in summer 2006, when it first became clear the Dimons would be moving to New York. “It would have been history—gone at that price,” she says. “We don’t see houses come to the market with that much done to them. If you do that much to a house, you stay in it.” But she says her clients were “too busy to put it on the market” until this past spring, at which point the market had soured.

Dimon bought the house for $4.68 million in 2000, and sold it for $6.8 million last year. Which sounds great, but as Rodkin points out, he sunk a lot of money into renovations to the 122-year-old, 26-room Gold Coast mansion, and the final sale was about half of the $13.5 million Dimon originally wanted for it. (Its cost represents about four percent of what its buyer, Michael Polsky, paid in his then-record 2007 divorce settlement.)

No word on whether the house still includes the silliest painting I have ever seen in my life.

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