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Bankruptcy Attorney Wins Right to Purchase Ritz-Carlton Penthouse for $8.6M

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The world of ultra-lux real estate can sometimes be stranger than fiction, and the case of the raw penthouse space at the top of the Ritz-Carlton Residences is certainly an interesting one. The Illinois Appellate Court has recently overturned a ruling made by a lower court that prevented lawyer and midday TV commercial personality Peter Francis Geraci from purchasing the 6,000-square-foot penthouse space atop of the Ritz-Carlton, Dennis Rodkin of Crain's reports. When commenting on the ruling, a sarcastic Geraci told Crain's that he is "happy that the court has granted us the right to spend about $1,430 a square foot on the penthouse." Geraci had been at odds with German Larrea Mota-Velasco, the billionaire CEO of the mining company Grupo Mexico who had the right of first refusal for the space. The Geracis made their $8.6 million offer for the 40th floor penthouse along the Mag Mile back in June 2014. After a year and a half legal battle, the bankruptcy lawyer and his wife have prevailed.
·A Chicago bankruptcy lawyer, a Mexican billionaire and a fight over a Mag Mile penthouse [Crain's]
·Is Mining Tycoon German Larrea Mexico's Stingiest Billionaire? [Forbes]

The Ritz-Carlton Chicago

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