Jamie Dimon slashes the asking price on his property from $13.5 to $7 million

Signs of times: Jamie Dimon slashes the asking price on his property from $13.5 to $7 million.

(Crain’s) — A Gold Coast mansion belonging to J. P. Morgan Chase &Co. CEO Jamie Dimon is under contract, about three weeks after the asking price was slashed to $6.95 million.

The 13,500-square-foot property at 25 E. Banks St. has been on the market since April 2007, with an original asking price of $13.5 million. Mr. Dimon has reduced the price several times, most recently in late August, when he dropped it 27% to $6.95 million, from $9.5 million.

The eight-bedroom home went under contract Tuesday. The buyer and price could not be determined. The price cut was among the more stark examples of the cuts upscale owners have had to make in their asking prices.

In April, for example, the owners of a 10,700-square-foot mansion at nearby 1449 N. Astor St., less than a half-mile north of Mr. Dimon’s property, sold the property for $4.93 million, about 16% less than their asking price of $5.75 million. The house had been on the market off and on since 2006.

“If (sellers) aren’t going to entertain a realistic offer in this market, all they’re doing is cluttering it up,” says Craig Hogan, managing broker at Chicago-based Keller Williams Gold Coast Realtors, who isn’t involved in the deal for Mr. Dimon’s home.

Property records show Mr. Dimon paid $4.7 million for the home in 2000, when he was head of Chicago-based Bank One Corp., which was acquired by J. P. Morgan in 2004. The property, originally built in 1880, has a rooftop terrace, a wine vault, staff quarters and nine full bathrooms.

I couldn't agree more with Craig Hogan