Billionaire philanthropist and insurance magnate Pat Ryan, who founded and is the retired chairman of Aon Corp., and his wife, Shirley, on Dec. 18 sold one of the two condominium units they have owned on the 62nd floor of the Four Seasons Hotel Chicago building on North Michigan Avenue for its $1.3 million asking price.
Pat Ryan is the founder and executive chairman of the insurance holding company that he founded in 2010, Ryan Specialty Group, and he continues to have major influence in his longtime role on the board of trustees of his alma mater, Northwestern University, particularly in athletics. Both Pat and Shirley Ryan founded Pathways, an organization formed to raise awareness and spread knowledge about early detection and intervention for pediatric motor, sensory and communication delays, and in 2017, they integrated Pathways with the Rehabilitation Institute of Chicago in a brand-new hospital building known as the Shirley Ryan AbilityLab.
In the Four Seasons, the Ryans paid $1.9 million in 1989 for the three-bedroom, 2,727-square-foot condo that they just sold, meaning that they took a $600,000 loss on it over 35 years of ownership. In 2018, they paid $4.4 million for a three-bedroom, 4,320-square-foot unit next door to the one they just sold. That larger unit has been on the market since Nov. 20 for $2.3 million.
The smaller condo that the Ryans just sold is southeast-facing and has three bathrooms, 11-foot ceilings and corner living and dining rooms with views of Lake Michigan and the Michigan Avenue skyline. The couple first listed it on Nov. 15.
The condo that the couple sold is a “one of a kind unit with 11-foot ceilings and amazing southeast views,” listing agent Michael Maier of Berkshire Hathaway HomeServices Chicago told Elite Street.
The condo had a $35,992 property tax bill in the 2023 tax year. It also has a $3,419-a-month homeowners association fee.
The buyer is an oral surgeon, according to public records.
The Ryans own other homes as well, including a 15,166-square-foot mansion in Winnetka and a lakefront mansion in Lake Geneva, Wis.
Goldsborough is a freelance reporter.
