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JP Morgan CEO Sells Home After Slashing $6.5 Million Off Price

Remember how outraged everyone was when news broke that JP Morgan Chase CEO Jamie Dimon accepted $16 million in bonuses last winter? Well, it took less than a year for the karmic forces of the universe to exact some revenge on him in the form of a failed real estate investment. Dimon's 13,500 square-foot mansion at 25 E Banks St in the Gold Coast has been on the market for more than three years, finally selling this week for about half the original asking price. Dimon first listed the home for $13.5 million in 2007, and later reduced it to $9.5 million, and finally to the sale price of $6.95 million.

As bad as that sounds, Dimon didn't actually lose money on the property. He paid just $4.7 million when he bought the place back in 2000. If anything, he suffers from a poor grasp of the market.

·Jamie Dimon's Gold Coast mansion under contract [Crain's]
·25 E Banks St [Redfin]