Ultra-Wealthy Are Souring on Chicago’s Most Elite Neighborhood

When Ken Griffin left Chicago, the billionaire listed several of his high-end properties in the Gold Coast, the city’s most exclusive neighborhood.

Two years later and he’s sold one in Park Tower, a skyscraper on the Magnificent Mile, and one at the Waldorf Astoria at a loss of more than $3 million each. At No. 9 Walton, where he paid almost $59 million for four units in the biggest residential real estate deal in the city’s history, he put two apartments up for sale before pulling the listings.

Citadel’s founder is hardly alone in experiencing the downturn in one of ...