Billionaires Lester and Renee Crown sell Water Tower Place condo for $5.5M

On Friday, June 5, billionaire couple Lester and Renee Crown sold their luxury 37th-floor condo at Water Tower Place for $5.5M. 

According to the Chicago Tribune, the space was originally two separate units bought individually. The first purchase came in 2015 for $2.7M, with the adjoining condo purchased for $3.3M the following year. The couple knocked down walls to combine the two lofts.

The 6200 sq. ft. home was recently renovated, per a report from TheRealDeal.com by interior designer Kara Mann. The five-bedroom, five-and-a-half-bath space comes chock-full of the amenities one would expect from a luxury abode. Highlights include custom cabinetry, a living room and office each with their own wet bar, a breakfast room overlooking the lake, wide paneled oak flooring, walk-in pantries and closets, and state-of-the-art kitchen appliances, among others.  

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According to Forbes, the Crown family owes their wealth to Lester's father, Henry Crown, who founded the Material Services Corporation in Chicago in 1919. The company traded in building supplies and continued to expand throughout the early 20th century until it merged with General Dynamics in 1959. The family's investment arm, Henry Crown & Co, has substantial financial stakes in companies such as Hilton Hotels & JP Morgan Chase, sports franchises including the Chicago Bulls and New York Yankees, and even famous buildings like Manhattan's Empire State Building and Rockefeller Center.

The unit was initially listed back in March with the couple receiving their asking price, which had started at $5.5M; however, the sale still represents a slight net loss versus the original combined purchase price of $6M. The Tribune notes that the family's primary residence remains in Wilmette. The identity of the condo’s buyer was not revealed.     

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The sale comes against the backdrop of Water Tower Place's upcoming $170M renovation, which is expected to kick off in 2027. The retail mall portion of the complex was first opened to the public in 1975.