Mexican billionaire German Larrea, who in September bought a $20.56 million four-bedroom duplex condominium on the 71st floor of the Residences at the St. Regis Tower, has placed his half-floor unit on the 38th floor of the Ritz-Carlton Residences on North Michigan Avenue on the market for $6.75 million.
A longtime part-time Chicago resident, Larrea is the CEO of Mexican mining corporation Grupo Mexico and has an estimated net worth of $22.7 billion, according to Forbes. In 2014, he paid $3.57 million through his First 38 LLC Illinois limited liability company for the Ritz-Carlton unit that he now has on the market. He bought the unit as raw space directly from the building’s developer.
Larrea subsequently finished the Ritz-Carlton space, and he placed it on the market in 2019. He then listed it again in 2021 for $7.25 million as a furnished unit but took it off the market in June.
Now, with the $20.56 million St. Regis unit in his portfolio since September, Larrea would seem to no longer need the Ritz-Carlton spread. Listing agent Rachel Vecchio of Dreamtown emphasized to Elite Street that she could not speak about her client or even confirm his identity, but that she is free to comment on the unit itself.
“It was a custom build-out, and the client spent millions on it,” she told Elite Street. “The price reflects the client’s interest in selling this unit. Everything is unique — all interior doors are three-inch thick with leather inlays. They’re amazing in and of themselves, but the unit also has a Crestron home automation system that controls everything with a touch screen. So when I walk in, I only hit a couple buttons, and all the lights go on, the shades go up, I can play music, I can turn on the TV. It’s stunning and really unique. And all the views are amazing — they are to the south, east and west.”
Other features include 3 ½ bathrooms, a den with a custom-made bar with a Sub-Zero wine cooler and a De Giulio kitchen with a six-burner Wolf dual oven range, a Miele dishwasher and two Sub-Zero refrigerators. The condo also has silk carpets, custom mirrors with leather-wrapped frames and custom millwork.
The listing price includes all furnishings, Vecchio said.
The unit had a $54,555 property tax bill in the 2021 tax year.
Larrea continues to own a four-bedroom, full-floor condo on the 52nd floor of the Waldorf Astoria Hotel’s residences. He bought that unit in 2016 through another limited liability company for $11.7 million.
Bob Goldsborough is a freelance reporter.
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