Linda Johnson Rice, the chairman of Johnson Publishing, closed yesterday on the sale of her ten-room condo at the Carlyle. The sale price was $2,255,815—77 percent of the $2.9 million Rice was asking when she first listed the condo for sale in April 2010. (She cut the asking price to $2.575 million in November 2010.)
Rice had owned the condo since 1987, the year she became president and CEO of the publishing company founded by her parents in the 1940s. Public records do not say what she paid for the condo then, but in 2007, she took out a mortgage of $2.96 million on the property, according to the Cook County Recorder of Deeds. That is presumably the appraised value of the property in 2007, which would mean Rice lost about $704,0000 on the sale.
Rice, 53, is the daughter of John and Eunice Johnson, who seven decades ago founded the company that publishes Ebony, Jet, and other magazines oriented toward the African American community. She was CEO from April 2002 to August 2010, when her longtime friend Desiree Rogers took over that post. Rice continues to serve as the company’s chairman. A member of her office staff says that Rice is traveling and cannot be reached for comment on the condo sale.
The 5,393-square-foot home on the 35th floor of the Carlyle is a combination of two condos. “It’s hard to get a double on those high-up floors,” says Katherine Chez Malkin, the Baird & Warner agent who represented the property. “It’s very large and was a nice situation for [Rice]—and will be a nice situation for the buyer.” Malkin would not disclose the name of the buyer, who is not yet identified in public records.
The home is currently laid out with four bedrooms, but a fifth could be added, according to the listing sheet. There are six baths, views east over the lake and west over the city, and a 64-foot-long terrace. Photos accompanying the listing show stately finishes, including a wood-paneled library and a gold ceiling in the dining room.
The 40-story Carlyle, at 1040 North Lake Shore Drive, is a premium lakefront address, in large part because its condos have larger floor plans than most neighboring buildings. The highest price to date at the Carlyle remains the $2.75 million sale of its builder’s own two-story home in 2008.