Mexican billionaire spent $20.6M on St. Regis condo

Chicago developer Magellan struck gold with German Larrea.

The billionaire mining executive from Mexico has been identified as the buyer of the $20.56 million condo on the 71st floor of Chicago’s St. Regis Tower, the Chicago Tribune reported.

Larrea, a part-time Chicago resident and CEO of Mexican mining corporation Grupo Mexico, is said to have locked in one of the priciest recorded home sales in the city’s history and the most expensive home sale so far in 2022. He was represented by Rachel Vecchio of Dream Town Realty.

Larrea, who has an estimated net worth of $21.2 billion according to Forbes, paid $3.57 million through a limited liability company to buy a 38th-floor condo in the Ritz-Carlton Residences building in 2014. Two years later, Larrea paid $11.7 million through a different limited liability company to buy the full-floor condo on the 52nd floor of the Waldorf Astoria Hotel’s residential portion. Larrea used this same limited liability company to buy the St. Regis unit.

Last week, the buyers of a condo in Trump Tower were identified. Private equity veteran Bryan Cressey and his wife, plastic surgeon Iliana Sweis, spent $20 million on the 14,260-square-foot unit sold at 401 North Wabash Avenue.

The $20.56 million purchase, which was $2 million over the $18.5 million asking price, was beat out by two package deals. Billionaire Ken Griffin, who recently left Chicago for Miami, spent $58.75 million for four condo units at 9 West Walton Street in four separate transactions in 2017. One of the units recently sold for $21.17 million, a little over what Larrea spent on the St. Regis unit.

Justin Ishbia was the buyer behind the other package deal when he spent $39.9 million on four separate properties on Lake Michigan in Winnetka.

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— Victoria Pruitt