Marcus “the profit” Lemonis takes his Chicago profits, runs

Marcus Lemonis, the CEO of Camping World and reality TV personality best known for CNBC’s The Profit, is parting ways with more than one piece of Chicago real estate.

Last month, Lemonis and his wife, Bobbi, listed their Walton Street condo in the Bloomingdale’s building, located at 900 N. Michigan Ave., for sale with an asking price of $3.45 million. Within just one day, the property was marked contingent, signaling that a buyer stepped up almost immediately. The quick contract is remarkable given the long slide in values at the North Michigan Avenue tower, where several sales in recent years have plunged to 1990s-level prices.

The three-bedroom, 4,800-square-foot condo has changed owners often. It sold for $4.75 million in 2010, but lost over $1 million in value when it was subsequently sold to Lemonis in 2020 for $3.39 million. He and his wife undertook a full-scale renovation, reintroducing the home this August with high-end finishes but a significantly reduced price, lower than their 2022 listing of nearly $5 million. Whether Lemonis will walk away with a profit is unclear, as the asking price sits just $60,000 above his purchase price and doesn’t account for the renovation costs.

Still, with Chicago’s luxury condo market struggling, a closing above $3 million could be considered a small victory. “Over the past few years, the home has been completely redesigned and outfitted with the absolute finest of finishes from top to bottom,” listing agent Joe Wright of City and Field Real Estate told Crain’s Chicago Business.

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The condo sale is yet another indication that Lemonis is scaling back his presence on the Gold Coast. The couple is also closing their upscale women’s clothing boutique, Marcus, which has operated on Delaware Place since 2017. Lemonis told Crain’s Chicago Business that repeated theft and rising crime made running the store unsustainable.

“It’s too difficult to do business in the city of Chicago. The crime continues to be a problem,” Lemonis said. “I’ve been a longtime resident of the area, and enough is enough. It’s hard to get insurance, and it’s hard to get employees who feel safe.”

The boutique was hit twice during the looting that swept Chicago in 2020 and has faced ongoing shoplifting incidents since. The decision to shutter comes even as the broader Gold Coast retail district is seeing renewed interest from national and international brands, from Skims to Polène.

While the Delaware Place store will close, Lemonis said the boutique’s other suburban locations in Deerfield and Hinsdale remain strong. Meanwhile, SVN Chicago Commercial is marketing the soon-to-be-vacant 3,700-square-foot Delaware Place space for lease.

For Lemonis, the timing underscores his broader view of doing business in major cities. He has been outspoken about pulling back operations from what he calls “overregulated, expensive, and risky” markets, most recently saying Bed Bath & Beyond’s revival under his watch won’t include any California locations.

Between selling a condo at a fraction ofits former priceand shuttering a flagship boutique, Lemonis’s moves mirror the challenges facing downtown Chicago. With lingering safety concerns, retail corridors under strain, and a plunging luxury condo market, the city is still searching for stable ground.